Area comps are $90,000 and higher for the $45,000 I found.Before I forget I did place an offer earlier last month that was rejected by Fannie Mae.

I would reject the banks counter and have your wholesale buyer submit his offer instead.

Every project we have taken to Bar has gotten through usually first pass.. one on F st I did last month they rejected and we have to go back.. that was more neighbors.I have one coming out of the ground on New st.. and that took almost a year.. but hey I have another project in Portland that I start in March 3 homes and it took almost 3 years.. the city motto for Portland I is  : the City that Can"  its turned into the City that can't..

Whether it is true or not, you will most likely find out if they accept or reject it.

Lost one to another investor, one the bank rejected as too low, and one I find out about tomorrow.

They will reject some of it, but they will likely accept some.

They may reject your offer because they can get more for the building from a less educated buyer, but that's what this business is all about.I will let others with more experience speak to the per unit metrics and some of the other intricacies. 

Please also be wary of "advice" here that sounds a lot like housing discrimination against section 8 tenants in particular.Doing your due diligence about any and all applicants is a good way to avoid being "seduced" by a terrible tenant who "seemed so nice", as much as it prevents you from rejecting a great renter with a great track record, who may be falsely stereotyped.  

What I am about to say might not be a surprise to more experienced investors, but being so new to real estate I was very disappointed when my loan request got rejected by my local credit union.

I am transitioning to VerticalRent for other reasons so things should move a bit quicker. 2 things that might ease your mind on the 'no guarantee I will get it...'1: One tenant tried to use a prepaid debit to pay rent...cozy rejected it right away.