So there's the law to contend with. 

When agents are involved you add an entire layer of emotions, personality, motivations you have to contend with.

I don't want to low-ball them and then they won't even contend with further offers as I really like the place (I'll house-hack it).

I'm definitely looking into house hacking as well as BRRRR to get me started, already have a few contenders in mind in the Atlanta area where I currently live.

Advocates contend that it is immoral for someone who has lived in a neighborhood his entire life to be suddenly priced out of it.

However, you are buying a business, so will want to analyze any property as such.Even for commercial properties, some of us would contend that CAP rates are most useful when you want to sell and really should have little influence on an acquisition.  

Wasn't sure how to value it because most units only have the appliances like fridge, stove, dishwasher to contend with, alongside the toilet/shower.

As I am in IT, the interest by Apple and Amazon for HQ2 in Raleigh initially peaked my interest at the time however the Raleigh market is consistently listed as a top contender in the multifamily space, along with Charlotte I might add.

The roof is not failing or defective but just looks tired and the shingles don't extend past the roof edge so I have had a lot of soffit repair to contend with. 

If we want to speculate further, I would contend that a "reasonable discretion" standard would not include out of state residency as a bar.