If $90,000 can get you a turn key property in a better area with better rent compared to a $60,000 property that needs $10,000 in repairs and might be in a less desirable area....maybe it's worth it.Don't ever expect anyone to ever look out for your best interest more than you.

Comping a property is an art - especially in this market - and takes some time.A comp report is just a start to comping a property, you also have to get out there and drive the comps to see how they actually compare to the property. 

Based on research on the Inglewood market and comparable homes, I made an offer that was significantly higher above asking - but apparently they got multiple offers of above $300K (asking was $224k), and my offer was declined.

My understanding is that multi-family real estate with up to and including 4 units is valued the same way Single Family Residences are, using comparable properties in the neighborhood.For multifamily apartments with 5 units or more, use this formula: Income - expenses = Net Operating Income (NOI). 

That's as compared to an active business like a shoe store.  

However from analizing the rent to value ratio of residential properties in my particular market (San Diego), I am finding that the 2% rule would place the asking rent way above what comparable properties are rendlting for in my area.

That's not enough of a penalty to create an incentive for complying, especially compared to the liability to the lender of accidentally providing loan info to someone other than the borrower.

rehab - who knows, after 18, i still can't estimate properly, but i am hoping $20k at mostA fairly easy way of getting close on these after you have done a bunch is to compare it to whatever house needed a similar amount of work.  

Real estate violations at a state level are more like a parking tick compared to federal lending laws.

I'm assuming that it will find comparables for for recently renovated properties.