The price today would probably be similar, in the range of 900-910k, based on the few comps I can see in the area.

When asking for an appraised value, if they hesitate, try encouraging them with, "What range do you think it would appraise for based on nearby homes?"

The offers I received for a cash offer (the property could not be financed) were in the $200,000 range.

There needs to be a plan to pay the line under a range of interest rates, and to pay it off.  

You can easily find a turn-key property in the $250k range with cap rates around 6.

Assets identified in this study include:Appliances: Oven/range, dishwasher, refrigerator, washer/dryer, microwaveElectrical and communication systems: TV connections and dedicated equipment outletsCabinetry and CountertopsDecorative light fixtures: Sconces, pendant fixtures, chandeliersInterior Finishes: Crown molding, wood panel wall covering, window treatments8.20% of the total depreciable basis was classified as 15-year class life.

I also have a world class designer on my team that helps get these kind of properties from the average $60-$75k/yr range to over $100k/yr range (for 3bd homes; more the bigger you go).  

- What are the best neighborhoods for buy & hold in this price range?

From cozy cabins to expansive luxury estates, there's a wide range of opportunities for investors here. 

Start visiting building sites so you can meet the trades and see finishouts in different price ranges.