It's saved me many times during our Flip projects with bad guys trying to break in especially when you bring in your high valued appliances or tools. 

So much value in networking.

Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.

Comparable properties in the area are currently valued at an outdated $1.1 million.

Namely, transfer taxes based on the assessed property value (even if transferred for a $1) & presumably additional accountant fees related to basis. 

I like approaching investors or realtors with a property in hand to provide value right away, and even if that one in particular doesn't work with them, they will most likely want to be kept in the loop for the next one.

What is the value of the property?

It should be NOI divided by value, and in this case we will assume your cost basis is value.  

What is the purchase price or estimated value for the refinance?

Based on what I’m reading (2% rule, 50% rule), and the cost of property management companies; it seems better to just sell it for its current value of $550k and invest the equity.