There will be a lock period up front where the interest rate won't change, and that can range anywhere from 1 - 10 years. 

@Stephanie Fleming,Thank you for responding Stephanie, so what your saying is I should create a range when searching for comps?

The market for rooms in a group house $700-$900 range and a studio $1,400 is very strong.

I didn't realize all the different strategies that are out there and it really opened my eyes.If you're stuck, I think a good starting spot is figuring out a price range you feel comfortable with.

When you buy property that is well located in a market with diverse economic base, that is growing, that has many attractive features, and is reasonably priced compared to the average income for the area, you set yourself up for success. 

It stays within a pretty tight range but as @Marcus Auerbach mentioned, I have the Credit Karma app on my phone and I pay very close attention to when my different accounts report (fyi - it's not the closing date on your statement).  

Every market is going to have a different range or cap rates that would be suggestive of good properties or risky properties or cash flowing properties, etc.

The surrounding houses are valued in the 150-200k range and this house is right around 80k.

Ok long story just to ask, I've done my numbers and can make a go of this at 250-260,000   How do I set up an offer to not insult but to end up in that range?

Try to focus on the price range you want to work, meaning don't look at $50K mobile homes and $1,000,000 listings, if your target market is $200k-$400K, become an expert in that market.