@Jeremy H.I think you hit the nail on the head here - the problem is 1) the deliberate marketing, plus 2) the genuinely well meaning content from 2016, when prices and interest rates were lower.  

Hi Nail, I might be able to help you since I've been investing in the area for many years now so feel free to send me a direct message.

Most properties that size are 2nd homes and often sell with furniture included, which can reduce start-up costs.No cap on STR permits in Washoe County on the Nevada side. 

The home backs up to a busy road and I think $500k is a realistic hard cap on pricing for quite a while.  

(Carpet vs LVP etc).REOs are like nailing jello to a wall.

I will most definitely purchase a cost segregation study to nail down what I can depreciate at an accelerated rate.  

One guy left his nail gun in the alley and it walked off, but I've seen that happen in A-B neighborhoods too.

Let's say your seller bought the condo for $75,000 back in 1993, and today it's worth $300,000 - completely fictitious numbers - but go with it...Where I live (in Florida) there is a cap on how much the government can raise your property taxes a year... it's like 3.5% a year of the assessed value.  

I think @Shawn McCormick hit the nail on the head.

@Jason Park hit the nail on the head in terms of "it depends on your goals".