We spoke with our realtor before we changed the locks and she advised us that we could go ahead and do so, however we would like advice from an attorney as well now that you pointed this out.

Do they have formula or just pick some dollar amount they want to make.

So I went ahead and became one.

Check their terms ahead of time so you don't cause your self to get into a bind.

(like it's as if no notice was needed because the term was defined ahead of time.. but I would in the future still make sure you give a notice of non-renewal or you could be stuck as a hold over month to month tenant. 

However in most instances, you're still ahead holding put for the higher priceTo add another perspective on this; I was looking at a hard money lender's loan application and a question was, if you would be selling the property at below market to ensure a faster sale?!

Just don't expect to find the info from one source and plug it into a formula to get and answer.

We all have different markets so I just thought there was a formula that investors/ sellers went by. 

A common formula is offer 70% of the after repair value minus the repairs needed. 

Another thing is thinking ahead as far as space and what not - it would be nice to eventually get into either a larger townhome, a SFH or perhaps even a duplex.