If you DON'T take depreciation, then when you sell and get an adjusted sales price you need to take out your adjusted cost basis (without depreciation) to get appreciated CapGain.If it's CapGains, then you need to look at what bracket you're in to figure your rate which could be up to 20%. 

However there may be adjustment due to the official date of the tax appraisal that may be different from the purchase date.I have multiple time challenged and won the tax assessed value based on comp or appraisal.

I haven't seen this much activity in 5+ years so we're definitely adjusting as demand rises.

Factors I consider are risk adjusted returns and liquidity, also a form of risk.

@Keith WeissAs far as if there are few comps you need to make additional adjustments.

(Adjust or Pivot as necessary as I move forward, nothing is static.)There is a heap of information out there, devour as much as possible from as many sources as possible!

You are correct that dollars in 2009 is different than today, adjusted for inflation.

To be specific, my subject property has a brick fireplace but none of my comps have a fireplace so how much should I adjust my comp values based on this?

They may be mass adjusting the properties in the area, but the municipality/ neighborhood will move together proportionally.

Much more accurate than randomly grabbing at properties today and asking "will it" be good, fact is no one in Mpls market can say for sure 100%, it's just more so that those of us who have worked this market for a long time have a certain gut-feel for the area, short term market fluctuations don't bother us, we "know" the area/market and are ready to take that risk and roll with the punches, adjust on the fly, turn lemons into fruit punch freezies, lol.