Valuation is more important for short term flip style deals when the exit strategy will take place in a short period of time.

RE doesn't favor any one style or opinion.

I now use the hotel style PTAC units that go through the wall.

Figure your offer like this:Sales comps in area (base on same style/size/type of house)Subtract:Profit (start with that, if you don't make a profit why bother)Rehab (based on a bid...not guessing)Cost of money (financing, etc...)Holding costsCommissionsWhat you have left is what you offer and no more.  

Real property has become hard to acquire in price ranges suitable for profit.  

We use our transient life style (active duty military) as a bonus.

However, I'll probably find many more "comps" that are similar in design, age and style, but have 3BR.For example about "it's all relative"...consider a three bedroom home that is 900 sq. ft. or less.

I consider economic benefits rather than just cash, but cash on you cash is` suitable for most I'd say.

If you are unable to locate a suitable company, check the company in @Tim Norris ' profile. 

It is all part of your personal style.