The property is in GA, A-/B+ class with premium rents for this area. 

I ask because I am up here in Pinellas by the Gulf Beaches and our 2-4 Units run between $300K to $650K.Miami 2-4 Units run between $850K to $1.8Million and the Taxes and Insurance premiums are higher.

So we can immediately see that the seller is asking for a PREMIUM of $428,066.

When you are dealing with someone who is as well publicized as Wheelwright, you pay a premium for the name.  

Here's what auction.com said about the transaction details: "Buyer will not be charged a Buyer's Premium for this property.If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property).

If you know you have a desirable 5 bed in an area where there aren't any big units up for rent, then we've seen that the housing authority will pay us premium rent for this unit. 

Their premiums were actually reasonable.

Along with substantial property price increases we have seen exponential increases in insurance premiums, property taxes, repair costs, and capital expenditures.

On the coast a premium, existing STR, or vacation rental ready oceanview property will typically receive offers within 48-72 hours of listing.

Also, sometimes the seller requires a buyer's premium and this is added to your bid.