Sorry about the book here but i wanted to explain the situation the best i could, anyway i haven't heard a word or got any sort of response from the bank by mail phone etc. i really like and want the house and was hoping at the least i would get a counter offer back from the bank if they didn't like my number.

They could also very easily respond with a counteroffer on a CAR form that would remove any issues they might have with your purchase agreement.  

It's been a frustrating process with the agent who didn't honor our deadline for a response (which was the first by many days) but waited for more offers and then did a multiple counter offer, meaning they countered several offers.  

Would a 50% expense ratio be out of line to use in a counter offer with a 17.85% cap rate (i.e. a valuation of ~$235k)?  

Find a price point you can purchase properties at, find the location, drive that location looking for run down houses or vacant houses, research the houses, decide how you want to contact those owners, analyze the properties, make offers, get rejected, get no response at all, get counter offers, etc...

start with lower counter offer explaining the repairs and the commission savings. 

If this is a bad time to find a new tenant you may wish to counter offer or just work out the middle ground.  

We pulled out of the contract after the other agent gave the cold shoulder to our counter offer.

I accepted their counter offer with the condition that they bring $5,000 to closing.

Offer/Counter offer.