We have found a niche of purchasing duplex's in highly desirable neighborhoods, like Bates Hendricks and Fountain Square, completely gutting them, adding square footage, master suites and open concept living space.

Items such as maintenance and cap ex are not primarily functions of the rent amount but more a function of things like number of bathrooms, square footage, does it have a yard, quality of tenant, etc.

The main negative about rentometer is that it does not take into account square footage. 

It is no small matter that someday the police may knock on your door and ask to review your cameras' footage as well.

LOTS of units that are under market rate haven't been updated or rehabbed in a LONG time...... so to really justify getting the market rate in the area, you often have to put in some $$ up front to get them into  the real condition where people will pay the market rate.... its more than bedroom, bath room, sq footage comparisons when you determine "market rate" for your areaSo if you have a tenant that is under market rate and you jump up to the going rate and the "market rate"  will get them a nicer place with new paint, flooring, fixtures etc and your unit hasn't been touched in years, they will likely leave to a nicer place that costs the same

Less square footage means less Cap Ex.

He made out like a bandit on that reverse mortgage as they mistakenly over-valued his square footage and paid him handsomely.I recommend putting the garage back in, (unless carports are standard in this neighborhood).

@Benjamin SeibertWhat's the square footage?

Even the county assessor got creative, grouping the square footage of each house together and reporting it as one.  

I was able to achieve something similar on one building by refinishing an attic space and adding an additional master bedroom, bathroom and square footage. i.e.