A dream which we fought tooth and nail for and earned every aspect of it.

Thankfully, we had a good backup plan and used what we learned in the first deal to nail it on the second. 

We were all flying high for a good number of years, then the number of str's grew so large that the locals lost their minds and started fighting tooth and nail against us.

@Johnny Szeto, @Wayne Brooks nailed it. 

Ie. a 6% Cap on 200k NOI is 3.3million. 

If some one offers you 30K for it before driving a nail or dropping a dumpster, don't be afraid to take it and make a quick 15K.

One of the challenges in nailing down a price per foot right now is two fold - everyone has a different idea of the "cost" to build - some will just include the hard number, others provide the all inclusive (demo to doorbell) soft and hard costs - everything excluding land, closing and financing costs.

Its been on the market a while (for this area anyway),  but probably not long enough that an offer low enough to make even a "real" 5% cap on year 1 likely.  

@Jennifer Bailey you just hit the nail on the head. 2-4 units can be profitable, but typically you have to self manage them in order to make the numbers work.

I used to use Geico for Umbrella but they have a cap on how many properties they will cover.