Looking at comparable properties in the area this house would appraise for around $70,000 now.

To do this compare rent prices of 3/1s to 2/1s (order of preference if available: both condos in same complex, condos in same area, SFRs).

The appreciation value (or forced appreciation value), which means the property will be "comparable" to the 4 bedrooms in the neighborhood as oppose to the last comp of two bedrooms.

I can find FL notes for 50-70% discounts compared to ARV.

Do let your new tenants know (in writing) that there is a new PM and what the protocol is for reporting problems, paying rent, etc.Hopefully you can find a more responsible and reliable PM.

Prices still seem good (granted I'm comparing to GTA prices and not, say, Milwaukee or Indianapolis, etc!)

It's nice to have some reliable people to call up on a bigger job.

Where are the prices now compared to when they bought them?

@Trevor Lohman - there is a very interesting discussion on crowd funding going on right now (http://www.biggerpockets.com/forums/520/topics/105106-comparing-crowdfunding-sites-for-re?

All residential properties (1 to 4 units) are valued based on the comparable sales approach (using "comps").