The top offer was willing to pay us $20K above appraised value, if it was short, which it was.

While a single stall garage might be only a ~10k adjustment on an appraisal depending on your local market, the lack of garage can kill market value which is harder to predict.

In NJ, you sign a full contract subject to inspection and appraisal, etc., and then do inspections and negotiate on inspection repair requests as part of the process.

While it did increase the value a little bit, it wasn't much (based on the appraisal I got done).

I got an appraisal prior to starting and my numbers looks like this PP: 137kClosing costs:5kRenovation: 230kprojected holding costs: 26kARV: 620-650KEstimated rents: conservatively--> $4400/month.

My credit union does 95%LTV with no closing costs and desktop appraisals.

Personally I’ve stuck with SFH to avoid tenant on tenant conflict but thsi will let you find out if “the juice is worth the squeeze: with very little risk. 1) I assume you’re getting a least a few percent off for not involving a realtor.2) I assume you feel confident with the value (maybe ask a local banker what they would lend you on the property and even lay for an appraisal.)3) this is all assuming that this is a small investment to you as I’ve described above, not most of your savings and all of your operating cushion. 

The legal description of the lot states these 4 townhouses are 1 legal property (they are NOT platted as 4 separated properties).The realtor I use to appraise the property claim that I would maximize the sales price if I had the re-platted as 4 different legal properties.

But the previous owner only collected cash so we didn’t have an income to draw off of for appraisal.

Then, contact your lender to ensure an appraisal for the property is ordered and scheduled.