This significantly lowers the cost per door and improves your return on investment.Scalability: A three-story walk-up design allows you to maximize your build cost and land use, just like most professional apartment developers do.Control with New Construction: Starting with a new build ensures fewer risks, as you’ll have control over the property’s condition and avoid surprises from existing structures.Pro Tip: If you do go with an existing property, make sure to thoroughly vet the deal to avoid hidden costs and issues.For first-time investors, multifamily new construction is often the best way to scale quickly, reduce costs per unit, and build a sustainable rental portfolio.

Hopefully existing as obviously new builds would be worth more.) 

A good agent can help reduce your risk, and that may be worth the 3%.I do agree with Andrew, if your agent hasn't helped you find the deal, nor has he/she provided representation/consultation throughout this deal, you shouldn't feel obligated to provide a commission to them (pending what it says in your existing agreement, of course).

Does a $150j beach front actually exist?

If one wall is particularly bad, they can always try to match the existing paint and just paint that one wall. 

Housing shortage exists, so demand for good housing still moves fast.   

Put all your cash flow into improving your existing rentals or buying more.

It definitely exists in other markets).

I was on a Senate Steering committee way back in 85 on how to deal with all the platted antiquated lots in CA. there are millions lots created before the modern rules and these lots exist today but many are not buildable and are traded back and forth from tax sale buyers to retail buyers who dont realize their 5k lot in CA is non buildable.So there was a big conference in FT.

Those alternatives don't exist today (generally) so you should be fine just saying its financed.