Following, @Will Proulx, and I asked a similar question here recently.

I've thought about doing it in similar high value areas in SE Michigan, so if it works in Ann Arbor, it may work elsewhere. 

Hey Chris, it's good to ask for referrals and interview agents to make sure you have similar goals and interests.

I have a similar concern for the first few properties obtained without years of tax returns.

@Rahim MuhammadCongratulations on your purchase - I just did something similar in the last year. 1.

To start, the numbers:3 bedroom, 1.5 bath 1700 sq foot brick SFH with bonus room.Purchase Price: $59kAppraisal: $105k as is with estimated $124k after rehab.Renovation budget: $20k.Renovations include: new flooring in bonus room, kitchen and baths. total renovation of bathrooms, new cabinets, crown molding (to cover bad drywall job by previous owner), buff hard woods, paint exterior, paint interior, remove awning, remove side door and seal up, fix low spot in kitchen floor, and remove the non-permitted fire place.Estimated Rent: Initially I budgeted $950 per month based on another rental I own in a similar location, but  two houses on the same block were recently rented for $1200+.

I had a similar issue last year in Parma OH with the city fining $150 for a garbage can out one day later than it supposed to be.

You would think there would be similar results in all of the articles like this if it really meant anything. 

Options are somewhat similar, but as said previously it's a "contract, to sign a contract" which overly complicates things in my mind.

Rates are north of 5 for that scenario, but not at 6.Residential appraisals are based on what other similar properties are selling for.