Thus far 9 of the 10 listings I went to checkout were no longer available, which makes me think the data on auction.com is bad.

What information gathering and comps data did you extract to get that ARV?  

A partner and I discussed shifting our attention to large section-8 rental communities for the consistent income - anyone familiar with the space & barriers to entry?

Without relying on local realtor CMAs, which they have little incentive to really provide good data for, I am looking to pay a reasonable amount for an appraiser to povide a more confident ARV in the various markets we are searching. 

Michael...Using your example, we both know the journal entry that reflects the economics of the transaction is as follows:Debit Accounts Receivable: 9,000Debit Lease Commissions Expense: 1,000Credit Rent Revenue: 10,000You're arguing it doesn't matter because you're getting to the same place for federal income tax purposes...Okay. 

@Erin Spradlin Interesting market data.

Basically a place to store and track tenant forms and data, organize accounting, do tenant screenings, create invoices, and meter electric and water.

Unlimited data package?

The data in the link is a macro look.

I more or less used $1500 as a place marker.As far as vacancy goes, I would need to get some more historical data on this property and when I get home I plan to do that, as well as walk the property to see what all needs to be fixed.