Is this expected since interest rates are high and listing prices are subsequently dropping? 

Even if you can find insurance now, premiums will likely remain high, and resale value could be impacted unless the wiring is updated.

Condo's usually have high HOA dues which will eat into your cash flow.

Its money well spent land development is high risk high reward.. depending on Jurisdiction. 

Quote from @Julia Lyrberg: Hi Robert,Instead of investing in expensive coaching programs, I’d highly recommend diving into some well-regarded real estate investment books.

The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

Some of the national data sites have pricing suggestions that run both high and low.

Off street parking is typically more important for high end/expensive rentals.

@Ethan Slater here's some info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

There are a lot of markets with solid job markets, strong populations, solid rent growth, but when you are talking ONE property, unless you are considering highly rural areas, it likely doesn't matter.