I am not sure what companies are quoting you, but you should shop more.Make sure to have the location of where is showing the cracks so you can get a more accurate repair estimation.I have some contractors that I can recommend.

The "+/-" isn't based on the high or low end of the sq ft range, it's based on the differences in quality, or finishes, or the specific location within that micro-market. 

Hello,I bought a duplex in Pensacola $75,000 under appraised value, in an amazing location.

Location shouldnt matter too much for the lender.

Would it generally be a location that tends to have a higher cost of living? 

Other than location I would clarify your investment thesis: "turnkey" vs value add?

At over 4000 sq ft, I'm surprised you won't be able to list for a much higher number to net a decent profit, but without knowing more specifics on the house and location, I am speculating here. 

With no mention of price, location, rent etc.....

Unless y'all have an incredible W2 to help with the purchase, you will not find something that "works" in the Triangle and in a good/safe location.

Your new place should turn into your new business location as well.