If I do successfully buy in LA, it will likely be a long-term buy-and-hold as I'm very bullish on the 10-15 year horizon.Unsure how hard it is to get approved for these low down payments.

Credit score is in the low 700sI'm looking for a new primary and would like to use this as a rental. 

Should I just put in the low offer and let it sit until they decide they’re not going to get more and just hope there’s not some other crazy buyers willing to go too high?

Longer answer below :)I'm glad you have vacancy in there, although 3% may be a tad too low depending on your market. 

We have no way of knowing if $1m is high or low without more details. 

Brandon Turner has a good book on investing with no and low money down, but personally I think it's ideal to have a solid personal savings buffer even if you are creatively financing with other people's money. 

The pros for this are that it allows me to keep the current low interest mortgages and puts new cash flow into new acquisitions to grow the portfolio.  

Rents are 20% low currently, with 100% occupancy.  

That way you still have cash available for any rehab work or for the next property, especially since interest rates are still so low.  

I mentioned the $1850 because I'm not sure if that puts me in the low end rentals, mid range, or high end. rentometer says I'm about average for my area.Also if anyone is familiar with Northern Virginia area and has a contractor that can handle a 3 story townhouse or know where I can can purchase a descent deal on carpet and padding (not to sure of average price per square foot here) please feel free to message me.thanks for the advice