I actually just read an article to inform myself and it seems that banks use more than 1 method to determine the value of a property such as this one.1) They compare to other similar buildings2) They calculate how much it would cost to build an identical building3) They use the revenus and expenses (this method gives the lowest result)Perhaps my real estate agent was considering some of the other methods and took into account it's amazing location and the actual municipal valuation.

A checkbook IRA is nearly identical as an investment vehicle.  

Or maybe look for the true identity of rich dad ;) 

I have seen a case where an investor purchased several substantially identical SFR properties at one time and had a cost segregation study performed on one and then simply leveraged that single study across all of them - maybe that makes sense.

She claims that it was due to identity theft issues.

One of the properties has been on the market for 5 months and the other 2 months, both are identical specs.  

Never give out financial information or identity metrics at one of these events. 

@John Lewis Your numbers are almost identical to a purchase + rehab I once did.  

Of course, you want comps to be as close to identical as possible in terms of sq ft, beds, baths, rooms, acres, garage, etc.Give me a call if you want and I can give you an idea of the ARV of yours.  

The principal plus the interest received are nearly identical to the original investment amount (but a loss nonetheless).