Now appraisal came in and this tri-plex has value of 275k based on her analysis.It so happen that I have contacted the seller with 240k revised offer and I do not know his response yet.

Looks like your SFH example is ARV is based simply on comps.  

Home is located in Frederick County VA and having a hell of a time finding any regulations on rentals in this county and wanted to see if anyone here knows if there will be a problem renting home based on low ceiling height. 

I wanted to introduce myself my name is Heather Boren and I am a commercial real estate broker based in Woodland Hills, CA (SoCal/Los Angeles) and instructor at UCLA Extension.

Here is who I've contacted based on the referral, they were very helpful.

We are based in Arizona, just outside of Phoenix and have been investing in the Midwest.  

We were able to get out of that contract based on that alone (there were other issues, too).With that said, septic and well can be good.

Ray Reed property tax can disturb cash flow but should not be the base of not purchasing a property as a rental.

NOI = $6,592Property tax $200Insurance $300 (This is not an exact quote but from reading expecting $200 - $300 -- Trying to stay conservative)HOA $540 (Although there was no HOA actually listed I went with similar neighborhoods HOA fees.)Maintenace $1,200 (The home looks updated so wasn't really sure how to estimate this.)3.CAP = .104.Cash Flow = $3,773.32This is based on a $51,920 @ 30 years @ 3.56%5.Cash on Hand Return29%If these numbers are a good indication of what to expect how do I do that thing where I get in with no money down?

Treating it like a business is a good mindset to have when starting as a realtor.I would get a base of knowledge of the contracts, take a packet home and actually read through the whole thing... know it front to back and upside down.After that, I would start getting a COI together, when I first started I did not do that, and I could only wonder how much business I would've done if I had.Highest and Best time -> Getting in front of Motivated Sellers and Buyers.