Ask a couple of property managers and look in the paper and on Craig's List to compare rents.

I've now been using them for a dozen years (even though I moved out of the state in 2013), and Investors Accounting has saved me literally hundreds of thousands of dollars over the past decade...their annual fee is basically nothing compared to that.But, I agree that if I just wanted tax prep, I'd probably go somewhere else (or do it myself). 

If I have a big job to do I will get a few bids from different contracters and compare it to my PM's bid.

In this situation, the Optionee could simply to elect not to exercise and then purchase the house at 190(ish)K {get a few comparable in addition to the appraisal}.  

AZREIA does some great things for investors.The Deal you mentioned should be compared with other deals in the area.

Jeff -I agree that you can do this yourself with the aid of a reliable and competent property manager and investor savvy agent in your city of choice, Atlanta, Memphis, KC, Indianapolis, Cincinnati, etc.

Based on my pay/allowance calculations, I want to keep my purchase price below $215,000, to leave room in my budget for renovations/repairs/taxes/unforeseen expenses, and will base my final purchase price on comparable rental properties in the area.After 3 years, I would classify the property as an investment property, and hold under an LLC - relevant laws permitting, I would be my own landlord.

You need to find properties that are comparable to the specific property you are looking at and base the ARV based on that information.

There usually is not a big enough spread of comps to make a profit if you are limited to 60 comparable properties and maybe 5 actual sales in the last 12 months.Some people who mail free-and-clear condo owners seem to do quite well.

All these things factored in would seem to make it difficult to compare yearly income to purchase price.