Its about the right size / type / condition for the property I would like to find to upgrade from the duplex I sold in 2019,   and from my research,  it is likely that the ownership are getting to the point in their tenure where selling might be on their minds.Given the building's likely income/expense numbers  (I own a nearby, similar style/quality property I can extrapolate from) I can make an educated guess to its value and given that value range I can afford it without excess leverage.   

Not a terrible lot at that amount, but multiply your debt by 10 ($1 million), then you need $40K per the bankers, which I feel is excessive.

Currently the city is an absolute seller's market -- most decently priced homes are selling within 24 hours of being listed, to where it's hard for me to be competitive without going excessively over (I'd be putting only 3% down).

North Florida, hurricane / tropical storm area....So, with the damage being done by the POWER not being on, the floor can and will separate from moisture...

If the unpaid balance on the Contract Price at the time of the termination exceeds the expense of finishing the Work, Owner shall pay such excess to Contractor."1.

Purchase price, how many days out of the year it needs to be rented to break even, How much excess cash you will have on hand after purchase, etc.  

While many elements can contribute to the scale of a residential structure, designs should minimize the appearance of over or excessive building substantially in excess of existing structures in the neighborhood.

They are thinking; I don't need housing inspectors, lead paint suits, tenant's right in rent court, politicians against landlords, water bills in excess, squatters or law suits!

I’m in a high populated area, going further than a mile seemed to excessive

However, according to law, only non-profits can create pay-to-enter raffles, and the excess proceeds can only be used for the non-profit purpose.