Asking in the correct forum will get a better response.Need a spreadsheet or form?

But, he has no ability to take any corrective action he feels is necessary or beneficial.  

Also---you need to make sure whoever did the rehab did it correctly (no point in paying a premium price is the work isn't done correctly)...lastly if you pay for a turnkey property...how do you know the tenant is paying a market rent and is a good tenant (credit score wise, payment history wise) etc?

Quote from @James Hamling:  James is correct.

At what price is it over valued or correctly valued?

My experience has been that this is absolutely correct.  

I hope I understood your scenario correctly.

You are correct about that, but that's usually a computation and decision that an investor makes after a couple single-family homes or small multis.

I believe that the ARV I originally thought was correct of 160-165k which after a cash out refi will get me my money back and then be about break even.

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