There should be a section of the appraisal that shows your property next to 3 comps and it will add or subtract value from each comp sales price based on characteristics that differ from your property.  

The net self-sufficiency rental income is calculated by using the appraiser's estimate of fair market rent from all units, including the unit the borrower chooses for occupancy, and subtracting the greater of [1] the appraiser's estimate for vacancies and maintenance, or [2] 25% of fair market rent.

Take their sales value, subtract from it the cost of development, and back out the land value.Also, look up assessed value with the County.

Then do I still enter the policy amount for one year or I subtract the refund check first?     

Subtract the repair cost of 15k and you should only offer 60-65k on that property.

I am assuming that you can do the addition and subtraction to get to NOI.CAP Rate = NOI/Current market valueSo by algebraically rearranging the formula:current market value = NOI/CAPIf you deduct debt service from NOI then divide by your required rate of return then you get your value.e.g Your Value = (NOI-Debt Service)/Required rate of ReturnAn example:Lets say:Asking Price: 100,000 NOI = 10,000Debt Service = 5,000Required Rate of Return 5%Now calculate:CAP rate = 10,000/100,000 = 10%Current Market Value: 10,000/10% = 100,000Max Value = (10,000-5,000)/0.05 = 100,000Now, I get you want to do this by hand... however, getting debt service by hand is a bit of a pain using tables.

Then subtract off closing costs, tax prorations, commissions, survey, insurance, etc, and you probably will end up losing money.

Then we subtract your 5k which gives us 105,000 as your MAO (maximum allowable offer).So I would start your negotiation at 95k and offer to cover closing costs.

Subtracting this off, my cost basis would be $257,300.

Once you have a good idea - you will need to subtract ALL of the expenses.