The stuff we can do by right includes: renovating the garden and first floor units in their entirety; and renovating the second and third floor units into a two level single duplex style unit.

One in particular is a 20+ single story, slab style home development.

@kasum I would actually be curious your business model and why your buying the property.

Take a look at the two websites and compare the homes to see for yourself.https://www.cuttingedgehomes.net/gallery/https://www.mawilliamshomes.com/models-and-floor-plans/Pedro says, " "When you start digging into what they actually offer the result is always as you put it...

Are the houses in your comps similar in style, size, amenities, totally rehabbed vs. recent updating, etc...  

I feel it's worth it, based on basically zero vacancy rates and very low turn over (we are typically under 15%).I expect the market for high end multi family to reach a saturation point soon, probably putting pressure on high end rents, but there will always be a subset of tenants who prefer the life style of a single family home in a residential area over an appartment building, even if it's really nice.

They're basic models, but they look newer.

Trying to be passive but using active investing measures and models leaves you vulnerable.  

You need to adjust your model a little.

As values have increased too much for rentals to pencil, I have moved to a wholetailing model.