If this is your first investment i would also factor in distance to where you live. 

There are other factors at play, but this was just the first thought.

My initial analysis suggests a conservative offer in the range of $3.2M to $3.35M could be justified, factoring in current market cap rates and the property's upside potential.I'd appreciate any insights on:1.

Unless you have a vast network/sphere of influence to keep you afloat, making money being an agent can be really tough and you can literally go months without a paycheck.If you want to be licensed and learn it while you have a W2 job that's different.  

You want to factor in location, condition, bed/bath count, and square footage.

Social security, I would have to imagine that is about $30,000 per spouse(atleast).You are likely guaranteed $150,000 just between the social security and annual return on the 1.5 million not factoring in the IRA withdrawal.I think that is a healthy balance to retire on.Maybe, you can't be extravegant but a very respectable life.Congrats!

Make holistic value buys--time, price, quality, reliability all factored in.  

Set up will vary depending on a number of factors.

Consider factors such as location, property condition, future development plans in the area, and your long-term goals.Remember, patience and persistence are key.

It's so hard to determine the ROI of amenities given there are so many factors.