It does cost a few hundred, but I am happy to pay. 

He is echoing what I heard from others with first hand knowledge. and before you say 113/ft (you are saying that not me), I said hard cost you still have to add soft cost,  a GC and his superintendents are not going to work for free.

Labor and materials cost a ton.

I am also know well and/or am interested in different markets (Latin America, especially Costa Rica; some ex-Soviet countries - Georgia, Central Asia; and others like Turkey).

The remodel looks simple (esp for an out of state investor) and could cost as low as 15k.

Class A properties get top of the line rehabs and we spare no expense to get to the rent goal, but both have a limited amount of potential rent based on the neighbors and upgrades are customized to get max potential rents for as little cost as possible.We can be the highest rent property in the area but only by so much.

or any liquid securities.. what I am saying net worth on Paper in real estate is not actual money as there are substantial cost involved in liquidating it and turning it into NET worth or liquidity if say you want to pick up all your marbles and Move to Costa Rica..

Asking on BP is nice, but to be honest I wouldn't say it's enough due diligence for big ticket items.Historic properties are another good example where getting into specialized skills and materials, and deviating from the "standard" way of doing things, might look aesthetically pleasing but can cost a whole lot more when repairing or replacing.Based on what you've said, and without seeing specific numbers, the property sounds overpriced and I would be cautious about buying it.

@Ben Leybovich  10 mil  down to 9.3  still plenty of renters  :) rents are quite high there for a reason it cost a lot to buy and maintain those props.. but it still flows down to profit. 

They most likely do have a policy on winterizing a home once it becomes vacant - but that may incur an additional cost as it's not as simple as turning water off.