@Jay Hinrichs yep - we work with many and experience and available cash are adding weight to their decisions as are locationmany are not doing condos in Florida and one we know is out 100% on anything in Florida 

If you have a good broker they are worth their weight in gold, but they are not easy to find.

In the Midwest, I’ve seen that serious offers usually need to be written so sellers and their agents actually take them seriously, since verbal “offers” don’t carry much weight.

If multi tenant building some leases might can be 3 to 7 years term for weight average.   

If not, the appraiser may just call it finished square footage, not an additional bedroom.

The agents opinion has no weight with lenders in regards to  what they will lend on a property.

We rehabbed the entire property and added an additional bedroom to each of the units.

I'm looking at two different lending options.Regardless of which option I choose, my plan is to refinance by Year 5 of owning the property to: a) get rid of PMI if appreciation is good and LTV < 80%, and b) cash-out equity to purchase a second house hacking property.Assumptions: All in cost: $506,500 (purchase price + rehab costs + closing costs)FHA 203k already accounts for ARV, no natural appreciation, value is flat with LTV at Year 5 between 88-90% 30 year Fixed Rate Mortgage 6.5% APR and 3.5% down, P&I of $3,0915/1 Adjustable Rate Mortgage 6.0% APR and 3.5% down, P&I of $2,932That's an additional ~$150 in monthly cash flow during the first 60 months of owning the property prior to refinancing if I go with the ARM route. 

If you don’t have MLS access, a good relationship with a local realtor who’s investor-minded is worth its weight in gold—they’ll know not just what sold, but why it sold at that price.As for adjusting for renovations, I try not to overcomplicate it.

If an ADU addition in fact costs $300k+ to build, you are likely starting with over $100k of negative equity.