Always learn a lot from you regarding local market knowledge and broader RE.Question to all,I'm new to this concept. 

v=u79Lxf1GKjE   Here are some videos, For your referencehttps://www.dailymail.co.uk/news/article-13211931/Washington-landlord-serial-squatter.htmlhttps://www.the-sun.com/news/10829162/eviction-housing-washington-protest-squatter/https://www.foxnews.com/media/seattle-area-community-protests-con-man-squatter-leave-rental-house-exploiting-systemhttps://www.dailymail.co.uk/news/article-13211931/Washington-landlord-serial-squatter.htmlhttps://www.mirror.co.uk/news/us-news/community-protest-con-man-squatter-32386211https://komonews.com/news/local/bellevue-landlord-plans-protest-rental-home-eviction-notice-tenants-rights-nonpayment-rent-123rd-ave-se-housing-justice-project-hjp-writ-of-execution-court-state-legislaturehttps://twitter.com/choeshow/status/1769071379658551783https://x.com/choeshow/status/1769570234556641427?

Research local economies, population trends, job growth, and infrastructure developments to identify promising markets.

TN offer OTC, it's extremely benefit to locals that knows the area well.

From talking with a few local folks my take away is the numbers published is the very highest amount you could get and isnt always what you will get. 

Is this a commonly successful approach given the local real estate and rental market dynamics?

I own and operate a local firm here in Green Bay.

I am an agent and investor in the area and I'd be happy to connect and chat more about strategies and the local market. 

Local investor and investment focused mortgage broker in Middletown.

Given that it's an ADU and you are an owner occupant I would courteously terminate the lease (the how on this is going to depend on your local laws and your lease) and get a new tenant ASAP.