@Tim StewardI would suggest you get J Scott’s books “The Book on Flipping Houses” and “The Book on Estimating Rehab Costs “.  

Take a little more time to educate yourself on a few things:Market analysis: you need to do more than look at tax records or a Zillow estimate, both of which are bad toolsAnalyze rentals: 50% rule, 1% rule, 2% rule, and BP calculators.

Or are my estimates too conservative?

@Sang PakYou always have a choice...don't listen to anyone who tells you otherwise...FIrst and foremost - you need to clarify if the $3500 is TOTAL estimated closing costs or relates to just the loan origination fee.I am also confused because you mentioned that the offer was accepted by selling agent and then you mention you were afraid of the seller getting in another offer...If the offer was accepted - What is the closing date scheduled?

We have written estimates lined up from licensed/reputable contractors. 

For example, if I want to see the difference in monthly cash flow based on charging $1,300 for rent vs. charging $1,400 for rent, my expenses would automatically go up for the $1,400 rent scenario because of the way rent and maintenance expenses are estimated.

**Im wondering if a commissions based job will hurt my chances of receiving a loan in the future?

The ARV is estimated at over 400k.

It is in pretty good condition now but we don’t want to keep the property in that area.Currently renting it out for $1700 & $2000.We got an estimate price of 600k to 700k right now, the agents have not seen the actual property yet.

Better chances of raising rents to market through an owner occupied property.