It's simplistic but it works for us.Agree you need some trend data on what others are charging, I gather Craigslist data weekly to have a good sense of what others are charging for what.  

Just by joining a few REI groups focused on Milwaukee, you will learn who's who and gather useful intel. 

From the information I've gathered in my county, you typically want to run a title search before you bid (2-3 days prior?)

Meaning it might take you 45 minutes to set up, but it'll save you 2 hours of paperwork gathering when you're seeking preapproval for your next property. 

After gathering this information, you determine your max land cost as follows:Completed market valueLess: construction costsLess: soft costsLess: desired profit= Max Land ValueAs a note, construction lenders will usually lend up to 65-75% of completed market value.

Jonathan Pflueger depending on your level of experience you may want to hire an appraiser or a realtor to do a BPO to confirm your purchase price is accurate.

Network with local investors to gather market specific information...GL

Are the recently sold properties on Zillow accurate?

From your post I gather you don't want big risks( you mention solid tenant base) so this model won't work for you.

Aside from the BRRRR strategy, I have been running the numbers as if I were paying market value rent, to more accurately predict cash flow after I move out.