He's pitched me on keeping the property with their company, in order to test them out (and hopefully bring over my other eight).Offered a lower percentage than what I currently pay and also offered to kick in a few "free" months where I don't pay any percentage on it.Has anyone else, owning multiple properties, tested out a new property management company in this manner?

You could, but that's not an accurate measure of valuation for a host of reason, first being that CAP Rate is a measure of risk for a stabilized asset.

My husband has his license and I just passed all my tests, so I will be as well. 

@Kevin KanavaloffI know an old lady who almost completely replaced her breakfast cereal with newbie investors :) If you need help determining an an accurate property value consider hiring your own appraiser or getting a price opinion from the good agent / broker.  

Accurately determining value requires specific knowledge of your area.

Subsequent scoping of the main line (and multitudinous other testing) revealed 17 feet of standing water in the main sewer line underneath my property extending under the adjoining property.   

If that 120k property is the ARV, then you should be close to 47k if those repairs are accurate. 

Renting it now for 1.75 test Lessons learned?

@Daveron Boston I'm in Boston MA so the markets are different but I have a couple of strategies that I use for calling that are pretty easy to test. 

He’s ready to test drive a few versions of his selected car.