A few friends of mine and I were talking and we realized that a lot of the prices we talk about are based on a "hunch" and not necessarily data. 

I am playing a bit of devils advocate here, to make sure you're tight on your numbers, and different folks have different views, just offering you mine.

Had this happen to a friend of mine.

3 things1) the property is mine.

Or if I have a client who wants to look in the county next to mine as well, I would do a referral to an agent who knows that area better (it may also be a different realtor association and mls that I don't have easy access to). 

A cousin of mine lives there for free at the moment and due to some family drama I am not involved in, the house has not been sold or listed on the MLS wich was their origional intent.

The lender is a very close acquaintance of mine and we're going to write contracts and follow legalities, but we're both flexible on how it's structured.

In some markets, including mine, the tenant pays the broker's fee.

A family member of mine is looking to purchase his first home in the Orange County California area.

Hi Jaron-I can't remember the exact measurements on mine, but 40sqft sounds close and I think it was in the $1500 neighborhood so I don't think you are too far off.