Everything inside is brand new, walls, kitchen, AC, heating, plumbing etc.

Instead of building entire rooms off site, they are building just the wall frames, for example.

I would look for rough cosmetic fixer with interior walls you can remove to open up the kitchen/living room space (breaking is easier than building).

You need a place to live no matter what, and I can't imagine rents are very cheap in Portland, so you're usually better off at least having the benefits of a little tax writeoff and mortgage paydown while you own, plus being able to paint the walls the colors you want, etc.I'd hang tight if I were you, see if your market goes up a bit more over the next few years (which I personally believe many will, just my professional opinion,) and try to refi and dump your mortgage insurance (assuming you have it) as soon as possible.In the meantime, hang onto your $50,000, keep growing it, and wait for the right deal.

Anything from a few square feet of drywall to entire walls, flooring, fixtures, and ceiling will need to be treated and or discarded.

My other commercial prop is auto related; this is a different industry.Taylor: a bit more about the prop: it is technically 16' clear height, but that is for the drive thru wall-the actual roof hieght is 24'.

Once all the dirty work had been done and fresh paint put on the cabinets and walls it looks like a brand new place.

I mean literally hundreds on the walls when I looked inside.  

If you have poor sight lines and dirt has to be leveled and brought in along with a retaining wall then cost per acre could be 300k to 400k an acre or more.

Look for telltale white spots, efflorescence on the lower part of the basement walls that commonly indicate the regular intrusion of water.