I'm confident that I'll pass the school/state licensing exam tests.

I am sure it will be a crap appraisal or a really old one.200k is way overpriced.Rents of 600 may not be accurate if it stays vacant.The problem with 1 to 4 units is they don't typically use the income approach when doing appraisals.All you can do is wish them well as say you are firm on your price.There are investors everyday paying over a price you would pay.They might be testing you to see how far you will come up.Give highest and best and move on to other properties and they might come back around.No matter WHO the seller is they have to go through a selling cycle to arrive at a point where they are willing to play ball.If they find a buyer willing to pay higher than you it wasn't meant to be.

I'd hate to be the test kitty :)

Had I known then what I know now---to always bring a screw driver to poke at any possible surfaces, any wood, any stairwell, any gaps, to test the integrity of the wood/coatings--I could have discovered what is a very common problem of dry rot/water damage.

Jeremy Namen, I am assuming you have not gone back to these drug addicts for cheap gift cards?

Also do some split testing.

I only cared about the lines that showed my profit :) I only care now because I'm getting my license and will need to pass the test.

Regardless of the size of the geographical area that you are targeting, test it by sending it to 100 owners.

Think I'll try adding sound deadener to the ceiling before redesigning the floor joists as this stage of testing will be so easy.

Blue collar is fine with me - drugs, gang wars, etc. are not.