On another note, if your rent increase estimates are accurate, you'll bring in about $10,200 more on an annual basis (assuming you achieve the $1200 and $1350 rents) so putting in $50k in renovation just passing my gut check of getting about a 20% yield on renovation costs - not great, but not bad either. 

We have agreed on a buyout price of $100K (initial investment) but he also wants me to pay all closing costs which was quoted $22K - That seems really high so seeing if this is accurate?

The standard to apply is quite simple: Did you accurately disclose the character of the down payment funds to the lender in the loan application?

I believe my ARV of 160-165k is accurate.

It's not always completely accurate, but in the worst case, you get the previous owner who won't hesitate to tell you all about the property and who they sold to.

Quote from @Brian Dolbeare: Hi all, I’m relatively new to real estate investing and I’m struggling with determining accurate market rents in larger markets, like Pittsburgh.

I’ve also read through the responses and they too are accurate, well thought out and hit the nail on the head. 

Make sure it’s filled out accurately to avoid delays.2.

I see the sale price in Zillow but is that an accurate representation of the actual sale price?

Of course, you could also gamble that the tenant won't show up in court and you get a default judgment.