I decided to go with Rentometer to have a more conservative calculation. $1,402 divided by the 4 bedrooms gives a rent of 350.5, and I believe I could charge $355.To attempt to calculate the return on the property.

It’s not important to start fast or soon, just start when it makes sense in a conservative way.

Using the current primary for a year is a conservative good idea. 

Russel, do you think appraisers would be more conservative in their valuations if they suffered a financial penalty for over valuing property?  

I also feel this looks not great because of 7.3% interest rate but also I made it so conservative since I didn't take vacancy rate into account. - I am aware that possibly I need to negotiate the asking to 480k to match 1% rule but also not sure if that's convincing enough.  

Finishing up my first flip now, roughly 20% ROI with a conservative selling price.

Purchase price: $726,000 Cash invested: $1,300,000 Sale price: $4,500,000 We are developing a 4 story a luxury Duplex.Property is primed for short term rentals with conservative estimates of ($40,000-$50,000) per month.

The multitude of foundation issues in the area on older homes scare me so I think your right to be conservative....

Just got to shoot those bullets wisely, and play it conservatively but money should definitely be deployed I firmly believe. 

The rates are high/variable though so you need to be careful/conservative.