Bank isn't going to let you loose their money.Buy the nicest property in the nicest area you can afford.Hire a Realtor to represent you in the sale.Make sure your Property Manager is a state licensed Brokerage.Accept that you can not eliminate all risk.

In the 21st century, we are not bound by geography.

I think there is better chances for the "lower end" (I use that term loosely) SFH's in the valley to appreciate, as they are the last options available for many people.

Basically, what you are asking is : an ethic bound person to offer low ball offers on your criteria based on formula.... 

When everything is said and done, make sure you have enough cash for safety net if things do not go as planned; as a 1st time home buyer you are bound to overlook some specifics.

Remember, it is easier to start out tough, and then loosen up for good tenants IF YOU CHOOSE, then start out loose and have to toughen up after you have trained your tenants to be lax.  

So the seller would be bound by the results for 90 days if the buyer is fha

In reality the number was arbitrary, but within the bounds of what I was willing to accept on this deal.The combination of these techniques leaves the impression that we've done a lot of work on getting to this point and this is it. 

LOOSE LIPPS SINKS SHIPPS!

Let me rephrase, is he legally bound to drop it if the rates truly have dropped or can he flat out refuse to re run as it’s too close to the settlement or simply alter (lie) and say that rates are the same.