I'd treat all of this like rumor and operate under the assumption that I still had a valid P&S until proven otherwise.This seems like a CYA measure for the agent and seller who entered into a contract with you without fulfilling the obligations of a prior contract.

Measure the walls and figure out the biggest TV that will fit.

It's just a measure to assess taxes.

While it is not a perfect measure of whether or not a property will yield a profit, it has been shown to be a good “rule of thumb” for determining approximately how much to charge for rent on any give property and if that rent will be enough to cover the mortgage.The basic idea is to take the total cost of the property and any necessary repairs and multiply it by .01 (1%) and then use that figure to plan how much one will charge a tenant.

A lot of investors talk about the cash-on-cash return that a property offers, but I just finished Frank Gallinelli's book, "What every real estate investor needs to know about cash flow...and 36 other financial measures" and in it he talks about how cash-on-cash can be very deceiving and a better metric to use is IRR.Do any investors go to the length of trying to calculate IRR when they are analyzing properties?

Even the Fed seems concerned and unsure what to do, hence the drastic measures they are taking to try and stimulate things. 

Understand the calculations that are used to measure and evaluate deals: cash flow, cash-on-cash return, internal rate of return, etc.If you develop these two skills, you'll be well on your way to being a successful real estate investor!

They cut the onions, measure out the sauces and spices, and hand over the kitchen to you to cook.

Like many data crunching apps, Zillow's data reliability depends a lot on what it's measuring.

From there you can formulate an expected IRR and some measurements of risk.