@Jonathan Feliciano Ask yourself what competitive edge does this boots on the ground partner brings to the table a reputable GC and PM can’t provide?

By listing it lower, it may be more likely to be supported by comps AND could create a demand buzz that will lead to multiple offers and competition.

As you can tell, it’s a very competitive industry and many loan officers will do whatever it takes to get your credit pulled and pay for an appraisal. 

You can get much better returns and less competition than a condo.

Is this common, or are we overpaying due to lack of competition?

Never invest in any city on this list.Low operating costs: Every company faces competition.

I think someone mentioned earlier, it all depends on conditions and competition where you are.

Here are some of my thoughts: 1) they are work and have risk 2) in this hyper competitive RE market, there is not enough profit in the rehabs of most MLS listed properties.  

Quote from @Sanil Subhash Chandra Bose: Quote from @Jay Hinrichs: Very good.. reality is though very few will do this to much work.when I was full time buying courthouse steps I would occasionally go into the recorders office and see my competition doing all this busy work.

So even popular rent estimate tools seem a little inflated unless you're outpeforming the competition with what youre offering.