The market will tell you if it's reasonably priced, and if so, he will quickly turn down the $50K offer, if it's reasonable, he may come down to $60K, and then you'll prob meet in the middle at $55K. 

Account Closed's case, I'd recommend focusing on middle Tennessee and house hacking if you have the funds to do so.  

I have been researching credit unions and other small banks out here on the far east side but I cannot seem to find what I am looking for.

So should I take the middle number of the first three prices since the $219K seems to be an outlier or take the average to come up with a more realistic ARV?

This is already going on in the near East side of Indianapolis.

Along the 78 East freeway you have San Marcos and Vista and going 8 East you have La Mesa and El Cajon.

You can get a rough idea of your score from free services, or see inaccuracies on your free credit report, but it's just not going to be the same score as what mortgage lenders use.Lenders will usually take the middle of your three scores.  

The most interested and promising applicant so far (after only a week) is a middle aged woman who's husband just left her (not sure if they are divorced or just separated).

The only advantage would be the Option Fee and the consistent income regardless of performance and not being responsible for maintenance costs.I think that you will have better luck finding motivated home owners who need some quick cash and will sign a lease with option to buy at a low enough price to put you in the middle.

Do you really have the + or - $300K to Buy that property in the middle of nowhere at the dead end of a street?