It has been a slower go that i had originally hoped, but i can feel the steam picking up now. 

Pick the one you feel best about.

I've been doing single family flips, wholesales and picked up 2 rentals over the last 2 years.

I would analyze it both ways:Current Rents - Determine my offer based on how it's currently performingAdjusted Rents - Determine how it will perform once I get it stabilized at market value

If you have a picture of it, it wouldn't be too hard to determine.

I have wonderful tenants renting out his house now, just lucked out by picking the best applicants even with minimal screening.

So if you're selling a rental worth $500k (using round numbers for ease), you could identify as many properties as you like, heck you could pick out 20 if you wanted, as long as they don't all add up to more than $1 mil (200% of $500k).OR2.

Realistically, competition seems to work its way around my first statement in a hot market cycle.Regardless, before determining a purchase value, I would suggest determining your investment performance criteria.

Great job Quinton on picking up the phone and calling people directly. 

Since it's just one specific property you're interested in I would hand-write a letter and make it personal.As far as determining what you should offer you will need to get inside the house first to see it's condition.