What I have seen in the research is to find a property you are interested in and compare to other comps in the same neighborhood.

I have been trying to find a rental in Austin and numbers are way off. Thinking of moving to nearby cities. What is your experience of this market as well as Temple.

You could also get a couple different agents in the area to get you good comps on what to sell it for and compare on what they say the out price can be. 

What are the pros and cons of each when compared?

From the research I’ve done so far, it seems that South Carolina taxes investment properties at 6% which makes a tax bill quite high compared to a primary home.

Just don't make the mistake of comparing what someone else profits on a role, to decide whether your compensation is sufficient or not. 

Given that your property has been subdivided into two rental units, it should indeed be compared to other multifamily properties in the area, not single-family homes.

If dropping your rate $100 below others at comparable offerings in your target market kills your cashflow, you may be in too tight of a deal anyhow.

2) What is the average rent in this market and how does your asking price compare?

For Livermore, the activity is slower compared to the general Bay Area so you would need to be more cautious on picking the right property to flip, and the margin has to be large enough for it to make sense.