Full transparency is needed on both ends upfront from the start or both sides get unrealistic expectations and everyone wastes time.Is the apartment 100% vacant, semi-performing ( say 30 to 70% occupancy ), or is it fully performing ( typically 85% or higher ).

Sometimes, they'll give me information that sounds unrealistic as well, like a 12 unit building all two bedrooms, master metered water and the monthly water expense is $200.

(Des Moines is an area on my radar)   for example https://www.redfin.com/WA/Des-Moines/403-S-192nd-St-98148/home/338852  has been on the market a while so a semi-aggressive offer would not be an unrealistic move, though its probably on the "habitable fixer" end of things and I understand that with a child in school you may be a lot more selective about location,  neighborhood area etc.    

The changes in underwriting criteria has made it much more difficult to buy a house and the people who buy a house to live in are lower in number, but can actually afford the homes that they buy.While it might be true that we are near a top and might have a correction on the horizon, it's unrealistic to say the correction will resemble anything close to a collapse.  

I suspect this is an unrealistic number for some markets, though. 

It sounds like the owner has some motivation, but she may be unrealistic in her expectations.

I'm with the bunch here in that it would seem unrealistic to spend so much and it's hard to diagnose without pics or a better understanding.

There are lots of unrealistic return expectations at the street level.  

So, if you buy based on such a small expected (unrealistic) rehab price, I think you're taking a big risk.  

That competition drives cap rates down (I have seen deals trade in the 5% cap range) and creates an atmosphere where you are competing for deals that are being sold on unrealistic pro forma's.