Property values are subjective and even an appraisal is not always the best estimate of actual ARV esp. if there are a lot of foreclosures in the area but it does provide a generally accepted measure of value.

They technically have another 7 days to make a response.So, what do you think my odds are that they might accept this high bid?  

I know this is a unique issue to the note and the individual, so I'll add a few details and see if there are any suggestions as to where I should go from here.To begin, I'm a note rookie, and I accept all the critical feedback that comes with it  : )   I now know that I was under capitalized when pursuing this note.  

I still consider myself a new investor, but now I’m much more comfortable accepting that l do not know it all, and I don’t need people to think that I do.

I won't accept ANY boarded up houses on the block.

I'm wondering if I can ask my property manager if they can not accept applications from students. 

@Brent Coombs I have an accepted offer of 193k that has become complicated (see my post seller reneged).  

In my situation I'm only buying non-performing notes so I am paying  less for the notes but accepting a higher, but manageable risk for doings so.

If no acceptable bids, there will be daily collection and review periods for the next 5 days until the 16th day when investors are allowed to bid.As I plan to live in the house for a few years while fixing it up and saving up the next downpayment, I placed a bid in the initial bid period for owner occupants.

The pros are:- It lends some credibility (for whatever that is worth)- You do learn what is legal, ethical and accepted practice in the area (but you can depend on an agent partner for that)- Access to MLS, so that you can be the 20th offer and get outbid 99 out of 100 times.