We received 2 cost estimates for the rehab along with an initial code analysis to look at the possible elevator and fire suppression requirements.

Yup you'd really have to study your comparables and know the formula from which the appraiser will use to determine value there are three methods:- Comparable sales approach (residential sales , 1-4 unit income properties)- income approach - 5+ units/comm/indus/office- cost approach - unit/special use properties (chruches, very old, etc)Using comparable sales approach which will be given the most 'weight,' with residential 1-4 unit properties and know the most recent sold properties, the differences, the elevation, the location (back corner, T street, culdesac, etc), upgrades, floor plan, sqft, school district, amenties, how recent the sale was, and how much a reasonable buyer in the market has paid for these variables will determine the value of your home to an appraiser.Ultimately if the home will not appraise we will not lend above and the buyer will need to bring in cash to set the new ceiling on comparable sold properties if they are that bold to do so.

I have seen one place that actually had a lease in place for an elevated rent.

My banker is noncommittal until he sees the survey and elevation information, but I think I want to pursue this even though it is low lying and may start shopping the Fannie/Freddie lenders even though this may be small fry for them.

I looked at upgrading to turbo.. but I really don't care for oxygen at high elevations. 

I had an insurance quote of $538/yr for the whole building, but most of their build sites are in unspecified flood zones so you'll need an elevation certificate for accurate flood premium which could be another $800-1400/yr. 

Get yourself a low key, non-pushy elevator pitch.

Even though the condo has been in existence only for 20 years (previously it was a a school) I see that in these meeting minutes a recurrence of issues with the elevators.

It has a big core (elevators, stairs, chases) which makes it difficult to redevelop. 

If it weren't for this, I would have made an offer. waiting to hear from the agent about elevation levels and, ultimately, what the resident was paying for flood insurance (FEMA maps show it in the flood zone).