@Jordan MoorheadAs a Minnesota (temporarily a Wisconsinite) I've subscribed to the cabin religion my whole life and my near-retirement parents are trying to understand how to afford their own to retire with (religion makes us do crazy things ;)As near as I've been able to good naturedly guess, the cabin love is what you get when you mix the seemingly universal desire to travel with the home-body reserved demeanor of Midwesterners.

Is ARV on a multifamily home based solely on its ability to produce rental income?

My challenge has been finding areas that will support small scale new construction cost, while producing a good return. 

If I was younger and starting over in this business I would try and become a buyers agent on a very high producing team in your local area.

We have been getting offers from the bigger builders IE Lennar and a few large regionals and this would produce a nice profit now..

My moving back home stratigy was to try to reinvest the property into an incoming producing property to help him retire.

If I am able to get tenants in the properties and make them no-brainers I feel the value goes up because I took all of the risk and time to get them fully turnkey producing cashflow. 

but have slowly built my portfolio My cash houses are producing 1/3 of the income the rest are producing.

However, comparable sale is typically not what we look at when underwriting income producing properties.

But, through efficient property management and financial discipline, we improved the property's operation so it produces enough cashflow, which we then used to improve the apartment unit finishes.