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The chart below show the change in cap rates for Salt Lake city proper over the past decadeAll data is from the American Community Survey Cap rates are computed by taking the annual median rent, applying the 50% rule and dividing by the median home value. 

Even if it sells the first day   Here we can have it take a month to close   And sometimes 2 months with all the delays as well as getting a survey 20k also seems very small.

What is their fee for a topography survey (include utility locations), storm water plans, grading, arborist (if needed), and any other requirement the county may require?

Essentially, in order to convert a multi into a condo building you need to record a condo declaration and get a plat of survey of the building/units/parking spaces, among many other nuances.

As a member of the National Association of Residential Property Managers (NARPM), I am given the opportunity to partake in random surveys. 

I especially can't tell you in a "Non Attorney state" like Texas.All that said use the following for entertainment purposes only :)I would include (Price/Type of financing/Dates for financing to be secured/EMD/Closing dates/Contingencies (Inspections/Pest/Radon/survey).

Here are some terms from the realtor:$200K with $2K EMDSeller pays title policyBuyer pays for Amends if neededSeller pays for $500 Home WarrantyBuyer pay for Survey if they do not have one to provide (because this is really just a requirement of buyers lender)Buyer pay $50 for 5 day optionWe DO NOT say AS-IS purchase so if something mediocre comes up in inspection we have some wiggle room to ask for it.Seller allows 21 day third party financing time-frame for contingent on loan and we also ask for an appraisal contingency.Are there questions that I should be asking that I'm not?

Out of that meeting we decided to get the new survey and drawing done and long story short, with the new drawing it fits the subdivision requirements.

Typically a final requires final engineering; this may take an as-built survey of the grading and approval.