Is there a formula for "My Price" ?

[Tyler Mutch]

Hello Everyone, 

I have heard a lot of discussion whether it be on this website, through the podcasts, or in general discussion with investors about "their price". I was wondering how people would come up with that number, I am assuming there is some sort of formula for this, I know that a part of it also has to do with knowing your area, which just takes time and effort, I understand that part. I was wondering if there was another portion to it, again like a formula. 

Is worrying more about finding "their price" more for those who are looking to a flip or short sale? I get that it is important to not overpay even if you are just trying to rent. I would just like some input on how people go about finding "their price" 

Thanks,