Even if you send requests to apply some don't.To make sure you don't get into trouble (Fair Housing Laws) determine your criteria for what you are looking for in a tenant: 3x income, no evictions or no outstanding collections to landlords, no criminal cases or misdemeanor case ok, minimum credit score, etc.

I can get the basis value by: "To determine the basis of an individual lot, multiply the total cost of the tract by a fraction.

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It sounds like you have some business narrowing to do yet to determine the best investment route that fits you, your skills, your resources, and overall goals.

Also, it should be fairly easy to determine the square footage by measuring the length and width of the ADU and multiplying them. 

I would consider a sensitivity study to determine if you are off x% on rehab, what does your cash flow & equity look like?

Know the history of the property and determine what advantages you may have. 

I'm just trying to determine if a) we want to purchase this property at all - and - b) if we want to approach this specific tenant directly versus listing it for rent publicly.

Covid caused a lot of migration that I think we are still trying to determine how will impact pricing.

You have to determine whether a refinance makes sense to you based on how much you can pull out, the reduction in the interest rate and the fees associates with it.Refinances(especially an FHA Loan) are not cheap and a $50,000 increase in value may potentially not justify a refinance.You may want to see if you can do a HELOC instead as it will likely be cheaper.You should take advantage of the Homestead benefits since you live in the property.