So, IF the purchase price is fair market value, the transaction is somewhat attractive to very attractive depending on the buyers goals, current financial position and 5 year outlook on inflation/potential price appreciation.  

Even if you spent $0 on maintenance, repairs and improvements over the course of the fifteen years you’ve owned it, the $200k project is essentially $13k/year (not even looking at inflation).

Thought I would share an article I came across.Will Inflation And Construction Costs Change the CRE Landscape?

The July 2022 numbers from the Austin Board of Realtors show the Austin metro market continuing to cool and stabilize in response to high inflation, higher mortgage interest rates, record high home prices, and a possible recession in the US.

Rental rates have increased with inflation.  

The average flood claim comes out between $44,401 - $180,000 in 2021, but this was before inflation really set in, so it might be higher.

The frenzy moving from the forefront to an afterthought in the public consciousness takes a lot of air out of the bubble and pressure off of everyone involved--pressure off aspiring operators because they are onto the next thing, pressure off existing operators because the inflation/oversaturation abates, pressure off "evil investors" because people that don't know what they are doing aren't overbidding for properties and contributing to the abysmally low long term housing supply step back, pressure off local governments to fight "investors" from taking over their communities...

Sure - it's still much lower than other times in the past but IMO the rising interest rates have not yet sunk in and realtors are still pricing homes much too high in my market (I'm seeing lots of price reductions).The interest rate will no doubt rise, as the government is still pissing away tax money (Inflation Reduction Act lol - and there's talk of forgiving underwater basket leaving college loans) which will continue to raise rates and lower prices in many markets. 

Interestingly, I'm seeing firsthand (as in literally today) properties that sat on the market for the past 3-4 weeks during the great inflation scare of 2022 get snapped up with below-asking-price financed offers.

That suggests to me that once the data is clear that inflation is easing, and therefore the tightening cycle can end, we should start to see the real estate market turn around as well.I have had two properties listed for sale over the last couple months and I can tell you that, at least in my market, the shift from a seller's to buyer's market is noticeable.