Market rate right now is $1200/mo and with renovations (quoted 60-75k in labor) it's hard to say because there aren't much data points, but I think I could fetch $1500-1600/mo.

I just bought a home whose tenant has been there 34 years on a month to month lease.She was paying $750/mo which equates to about  half of the market rent of $1550  which I am getting on two  similar homes I own in the same neighborhood.

Quote from @Eric Lahoda: It depends on the market and your skills as a landlord.

In the meantime, I am trying to better understand the Indianapolis (Fishers, Carmel) real estate market and considering getting a realtors license.In Indiana, the cost for the real estate licensing course is approximately ~$580 and an additional ~$80 annually to maintain.

Check with another landlord in your city to see if he has any objections to the agency or neighbor and how he handles them.

My problem is that I believe people when they tell me things.My solution is to use an employment agency. 

Note that appreciation cannot work as benchmark in high cash flow markets any more than cash flow works well in appreciating markets.  

Essentially you are plugging in all of your data and they are using market price studied to generate your deductions.

HI Kia..very specific to zoning with primarily condos that are eligible that come to market.

The figure we use is based on the appraisers assessment of fair market value for rent in that area.I'm always happy to help.