As many major metropolitan areas continue to impose anti-short term rental regulations, property values in profitable true vacation rental markets will continue to rise, as it would be detrimental to the economies in those areas to impose any anti-STR regulations, so STR investors can safely move their investment dollars there.With that being said, it’s wisest to bet on cash-flow, and just look at appreciation as a bonus.

@Juan Rosado sounds like you are toeing the line of mortgage fraud, ask your lender, I bet you they'll tell you no as well.

Also, web sites don't typically convert.

I still think his best bet is to get it in front of more eyes and get a couple cash offers.

In that case, you definitely do not want a set of documents from a web site. 

I bet you are in low single digits.

The DOE web site calculation seems right on the margin:  https://www.energy.gov/energysaver/water-heating/s..., assuming 10 showers, 6 shaves, 3-4 food prep in the peak hour.

Here's a pretty good article about valuing a facility:http://www.midcoastproperties.com/Web/articles/The-Valuation-Process-Oct-2008.pdf

I'll bet he's using the wrong primer. 

I'll bet very little when you're just starting out.You also have to watch out for readings that seem to contradict - there is sometimes more than one approach, and you'll have to determine the approach that fits you.