We did a few repairs and improved the yard as we lived there for just over 2 years.

I would not want to be held responsible or worst, liable, for the actions or performance of the contractor.

According to the Home Owners Protection Act of 1998 Summary, "Borrower-Requested Cancellation Based on the Mortgage’s current UPB and the current value, the LTV ratio must be: *75% or less, with at least 2 years, but less than 5 years, having elapsed since the Origination Date of the Mortgage; OR *80% or less, with either:     -At least 5 years having elapsed since the Origination Date of the Mortgage; OR     -No required minimum period having elapsed since the Origination Date of the Mortgage, if substantial improvements to the Mortgaged Premises have increased the market value of the Mortgaged Premises since the Origination Date of the Mortgage"

Otherwise, you are going to get a ton of tenant complaints, increase vacancy, and increase damage to your buildings as well as tenant's vehicles.If you want to see my point in person, as the weather improves, go to a boat launch ramp and watch how many people can actually back there boat into the water like they know what they are doing. 

If you wish to get more accurate, then instead of using averages, perform the same analysis against your comps on a per-property basis to determine what the estimated value of the land is on each of the comps.

My next purchase will probably be in 2 or 3 years of a larger house for my growing family, with the plan of renting out and possibly improving on our current residence (at a tax advantage as it will have been over 2 years that we will have lived there). 

@Ravonne Evans, yes you need to improve the value substantially for it to make sense.

Unless of course, they've made major improvements in the 5 1/2 weeks that they've held it.Without it being listed, I can't comment on condition, as I don't have photos.It was built in 1912.

Improvements, increase in property tax, increase in the rental market, etc etc...whatever you feel is accurate.

painting and carpet might not give you enough of a boost, needs more detailsHave you already bought it or are you projectingYou can add value by increasing rents, improving the property, refi, adding sq footage etc.