As a broker you might be motivated to inflate the price of the property, after all your commission depends on the size of the transaction, and with fiduciary duty to seller you will try to get top dollar for distressed home in dire need of rehab.

Very certain we overpaid, but it was a dire situation where the old one broke and had caused water damage and the tenant didn't notice for a month... 

When a large corporation is in financial dire straits, one of the first things they get rid of is the company jet. 

If this is not executed properly it can be DIRE.  

Many people seem to complicate valuation issues more than needed, a strait forward way of looking at it is simply asking, "Would a buyer pay more for ...?"

I'm in a dire need of this community. 

Being able to see it, feel it, touch it, and drive to it in a dire situation can be very beneficial. 

We have a dire housing shortage in Milwaukee, so the market is competitive and everything worth buying sells quick and usually with multiple offers. 

As mentioned, if this the situation is dire  (too stressful) after a couple of years and in many situations (not just isolated ones) maybe think about outsourcing management.

I cannot put them into the dire financial condition I started in, but I can teach them my values.