With that being said we tend to see a lot of CA buyers relocate here for the lower cost of living including lower home values, property taxes, insurance, no state income tax, gas prices etc.

The cost of entry is low, and cash flow is high.You can find distressed off-market duplexes under 120k and SFH under 80k in B to C-class areas.

I have not paid retail for RE in many years and would not in my high cost market (average SFH is ~$1m).  

That's why appraisers do the comparative approach and then secondarily the cost approach.So far, 100% of the time you don't get dollar for dollar back from what I've seen.

Telling sellers everything wrong with their house and justifying your offer with repair costs doesn’t build trust—it kills it.

At the end of the day, you won't make a pile of money, it will cost the developer more money than if they were just reasonable, and only the lawyers will be happy. 

You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots. 

Wage growth is still running at over 4%, above core inflation.This permeates to all workers, including the construction trades, and thus, to the price/cost of homes.

Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

If you're in Northern MN, there is a very good chance that the cost to build a new duplex exceeds the resale value, which would be an awful idea to build a new one.