American workers are financial slaves and our education system, political system, media, financial regulatory system, tax system and financial system pretty much ensures that this will not be changing.George Carlin on the “American Dream”https://youtu.be/kJ4SSvVbhLw

To make it fair, this penalty applies only to the first year of tenancy, though you can make it regardless how long they're there.

If there is a mortgage on the property you are required to use an escrow service this protects both buyer and seller to ensure the mortgage is being paid and the property is not sold again. 

I was also told that you should be following up regularly to ensure this 60 day window is being reached.I was thinking of doing the same with my tenant but I am actually going to send a notice to quit instead, for other reasons.Best of luck!

Is this a fair price to offer?

You'll have more financing options with 1-4 units than 5+.I'd argue that it is fair to go with off-market rents. 

I have a lot of experience with insurance claims because my portfolio is fairly significant and we manage a lot of properties for other clients.

Additionally, when completing the refi the reason supplied for doing the cash Out Refi would raise some eyebrows I would presume, but I figured the bank would just ensure those people are actually paid off much like they would with a reason being for a cash out to pay off or consolidate debt with me keeping the excess cash.

I know this is a general question, but we are trying to figure out how to adjust calculations of fair market rents when comparing similar renovated versus unrenovated apartments. 

The leases look fairly thorough.