It is slightly underrated compared to some of the others you hear about constantly. 

What does it mean when I see a mortgage and debt balance and public record balance compared to estimated value??????

You're also comparing the mountainous region of North Carolina with an oceanfront region of Florida rather than something a little more intellectually honest such as the saltwater marsh and lowland regions of North Carolina on the Atlantic ocean. 

I'm underwriting an 80+ unit property and it seems like the purchase price is too high compared to the market.

Which leads me to believe that option 3 will be better for protection compared to options 1 and 2 . 

My roof is not dark (it's metal, orange-like color) but it's not really visible given the higher elevation compared to the street. 

And they are literally out that $50k compare to if they bought the house next to you (with $62k down) and made it an Airbnb.

Then I would compare that estimate with what Furnishedfinder.com has in the area.

Quote from @Evan Polaski: @Enrique Roth, every investor should be preparing a full appraisal package.In mine, I include 1. before and after photos, 2. 5-6 comps that I want the appraiser to use, WITH explanations of what the comps have or don't have compared to mine.  

Compare that to what you are losing now which appears to be nothing except the inconvenience of a less than ideal payment pattern. 4.