They require both an appraisal and and inspector to go through before close and underwrite super conservative on the ARV. 

I would increase your CapEx and Maintenance expenses (I use 10% each for older, lower valued properties), but I err on the conservative side. 

They were looking to get debt on the portfolio a while back, but found that local banks were very conservative, and needed appraisals on each property individually, which would have been cost prohibitive for us.  

Currently, the rental unit is empty so I just shut off the furnace and the water heater to conserve oil, and frankly because there's no need for hot water and heat (currently not freezing).  

I would do my best to calculate exactly what you think it needs and be a bit conservative.

I'm looking for my first property (live-in duplex, triplex, or fourplex) and after running the numbers, I found one that cash-flowed pretty well for a reasonable price at conservative estimates (plus my wife loves the house).

What types of cap rates and CoC returns are you seeing as I can't really find anything on the MLS that makes sense cash flow wise with 30% down + relatively conservative expense estimates. 

With 100K in equity you are losing $866/month in opportunity value on your cash based on a conservative 10% return.

Can add some vacancy costs for a more conservative assumption.

that have sold , i estimated the ARV at 220k-230k, conservatively.