It came from core directly as the “seller” or in interest/acting agent for “seller”.

Someone with a large portfolio might have a system that works for them and which they have maximized but which might not translate well to your market, your personality or your approach to investing.

What are the closest markets where it is still legal?

In my case, a home I am looking for is above market rate, and their justification is that is should be valued like a commercial property with past revenue and net accounted for. 

Love Monmouth County - we manage properties in this area, it's a very strong market.

Also do not want to scare away the seller. 

Who is this through and what market are you in if you don't mind me asking!?

Its great to hear you're going the direct to seller route, its by far the method with the highest margins. 

But with the ability for sponsors to buydown floating rate caps for the next 3 yrs, it is up to you if you believe their marketing.  

The office market may be nearing a turning point.