When we get an appraisal, I update the price (unless I have good reason to think the appraisal was bogus).

You could have a tenant mutiny for any number of reasons.  

There are many reasons for this including tax and liability issues.

nope, these two actually have the documented ability to make the payments at a reasonable debt-to-income ratio.I'm coming up with ballpark $345k/mo PITI (my homeowner's insurance assumption might not be accurate, I didn't pull the actual property tax bill, and I don't know if there is an HOA so I left it at $0).

We've become good friends during our time spent together in college and hes actually the reason why i even put thought into real estate investing.

But if you have the money and a good plumber, it sounds reasonable.

Just throwing it out there as an option if for some reason that makes sense for you :)

The applicant has established that there are practical difficulties in complying with the provision, that the property owner proposes to use the property in a reasonable manner not permitted by the provision.

The only reason why that investor was selling is that she had her eyes on another long term property that came on the market and she didn't want to do a cash out refinancing. 

IMO it's usually because the price is to high among other reasons, so I would definitely low ball.