@Michaelmy apologies some times it takes me a little bit to answereasiest way to explain formula for youArv is After Repair Value meaning after full renovation or repairs this is what the house will sell for 30-60 days max based on comparable sales (aka comps)I prefer lower 60% of the ARV, because I prefer to flip to a retailer, by wholesaling, and earning a small fee for finding the deal and securing the property via purchase agreement option or a few other various formsmost of my ppl buy at 65% or 70% so due to my preferred method of wholesaling, I must buy at prices below these "strike prices" or buy prices...just so you know I am a contractor, so my repair costs are known when I look at property.

My word of caution would be to approach carefully and make sure you can hit your financial targets prior to approaching the business this way.  

Your DD period will allow you to verify some of that information, like cross checking the leases that you will now have access to with the rent roll provided to you prior to LOI submission.

Houses comparable to ours with a garage went for around $300,000 so without a garage we are appropriately priced.

But back then the interest rate environment was 1.5-2% higher than what they are now, so they are comparable to what Finance of America is offering now.So with high value houses, I think the fees are not too bad, but if your house is between 100-200k, it looks expensive. 

Find your comparable value.

The issue is that in those areas there is not many multifamily properties when compared to a larger city like Torrington or Winsted. 

Yeah my student loan debt doesn't even come close to comparing with that. 

Your home will be compared to better or worse homes and adjusted based on the condition/upgrades.Ways to help an appraisal:  Spruce it up.

And yes, you need to inspect the interior prior to making an offer or you must assume that the entire unit needs to be gutted.