But you can easily make it back depending on how active you are. 

@Matthew Roybal I don't know about another 200k however I think he would easily come off original market price another 100k.When you say market value?

It is geographically situated on a piece of land that is not only coastal, but easily accessible to one of the largest cities in the nation.

Then you can take this filtered list of properties and run a more in depth calculation and figure out if anything is good.Finally, I don't think there is any harm in letting other agents in the area know that you are a buyer and that if they send you something good, you will move on it - if that is in fact true.

Think of it like creating an entity that exists specifically to play the role of the character conducting business activity in your best interest, that will also play as the role of the filter for anything earned or owed.

For a loan like this, in my area, I am easily looking $1800 in closing costs plus another $1000 minimum in origination fees etc...assuming I did not buy down the rate.  

Taxes are more in ID, rents are stable and you can easily get cash-flow but prices do not jump like the do in CA.  

You could start by looking up recently sold properties on Zillow, realtor.com, etc but filter them for validity based on size, style, neighborhood, etc.

In Wisconsin (I know this is not everywhere) buyers can't just back out that easily.

Better to have procedures in place that will help you easily transition from one tenant to another in the event that someone needs to break a lease.