Each is valued separately in time and in the market under similar conditions.

@Chris Cambridge are these conditions something that you have experienced or are you a lender that's able to do this type of refi as this deal actually meets all of these requirements.

They pull 3 active and 3 sold comps in addition to completing an interior evaluation of the property with an initial breakdown of needed repairs to get the property in resalable condition.

It is not rocket science, I will testify to that, it is a skill that someone can not be easily achieve, just like any other skill, it takes time and experience to achieve.Verbal price is a ballpark figure, I give verbal price when someone asks for it, if they like the price, I put all my terms and condition on paper, caps, insurance, license numbers, line items.

A number of our clients are taking full advantage of these conditions.  

Small multi units in less attractive areas and conditions provide better revenue streams. 

Above information which you would provide to the bank in a loan application would be sufficient for them to decide under what conditions they would finance your project.

If a property has been marketed to the public for a sufficient period of time, meets market conditions, what you paid IS the market value. 

The only difference is being able to gauge market conditions/trends so that you are able to make the proper business decisions.  

I shot out my offer, they rejected but gave away the EXACT price of what it will take NET to them after agents been paid, etc.I shoot out the next offer knowing that I will get it, however I do not know the 'professional' condition of the house as I have not had it inspected.