I'm a local, CT based investor, flipper, and property management company owner.  

I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

Was hoping to get at least 115k based off what comps were.

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By reducing the principal balance, your lender recalculates your monthly payment based on the new, lower balance.How Does Mortgage Recasting Work?

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

Value is based on each individual and they will need to determine if they think there is any value.

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

Take time to learn through military-focused resources like Military House Hacking or Active Duty Passive Income, and connect with other military investors online or on base.

They'd also probably be more aware of how much water, gas, or electric they are using when they have to pay the bill after each cycle.