More out of curiosity than anything else, I made a few inquiries regarding the property which is the subject of the most recent unsolicited offer.
I was more than mildly surprised to receive a bank valuation (which should be quite conservative) which was 16% higher than the unsolicited offer. I ran the numbers through the spread sheet and came up with an IRR of 42.6% if I sold at the bank valuation and 23.0% if I sold at the unsolicited offer price. A big difference.
It's a good example of how well a leveraged investment can do when things go well. It's also a good example of the importance of doing your homework before making any important investment decisions. In this case, it took one e-mail to a lending officer to get the valuation.