Your job is to determine what price makes sense to you, and make a fair offer based on that price and terms.Do your own initial analysis, and then have a quality multifamily mortgage broker offer their opinion on what financing terms they can offer to you, and then make your offer based on that valuation.If this is a value add project you need to determine what the units will rent in the market you are in once they are upgraded. 

Regarding the contract... you'll need to obtain the mortgage payoff and should have a title search undertaken on the property to determine what, if any, liens other than the mortgage attached to the property.

Since you posted this in the BRRRR forum this is the formula I use to determine the bottom of my range:75% of ARV - Closing Costs of Refinance - Cost of remodel - Closing Costs of Purchase - Carrying Costs - Buffer for Negotiating + Expected cash flow for 8 monthsI add 8 months of expected cash flow because it makes sense to me to view an individual BRRRR deal through the lens of a 1-year period.

To determine what amount you will need, consult the Bylaws and Declaration of the Association. 

Bottom line is determining your goals.

Fico is used to determine rates, 4.20% 30 year fixed is still out there depending on LTV and fico(not for long).  

I have utilized:Rentometer, Zillow, bigger pockets for rentsCrime Rates: Spotcrime.com For school ratings: Greatschools.comLocal cities Five Year economic plan to determine where they intend to invest money. 

Once you add those adjustments I would then calculate your cash flow (income-expenses including your mortgage) and divide that by your down payment (which appears to be $44,000) to determine your "cash on cash" return.

Why is it that nobody actually provides a constructive look at the scenario as opposed to just chanting "fire the PM" when there is clearly not enough information to determine the root cause of what's going on here.For example, let's talk about the most obvious statement of scapegoating.

If the terms were payment over X-yrs +/- down payment +/- interest you’d determine the monthly payment and then subtract that from market rent and that would be the payment she’d give you each month.