@Lucian Guadagnoli most answers to a question start with "it depends" I can tell you new builds are over $100 a foot (more like $130-150) with out the land (so add the cost of location to that) so that would be the most, then adjust downs from therethe phrase "it depends" applies to location, quality, functionality of the floor plan.

An Inspector - We're learning quickly that even the best cleaning companies start to slack in quality when there is a labor shortage. 

For example, here's a short list of things we'll be looking to update while living in the unit:- Clogged upstairs bathroom drain-Need bathroom fan- Bathtub porcelain chipped- Broken balcony door- Broken kitchen window- Missing smoke detectors- Redo kitchen floors- Refinish living room floors- Paint in all rooms- Improve kitchen cabinetsWe don't have a specific $$ budget, but we're always looking to keep costs low while providing quality.

I lean towards location and quality of the building.....as well as Cap rate and cash on cash return. 

Enhanced Kitchen Finishes- Granite counters, stainless appliances, better quality appliances, fresh carpet; can enhance rents and quality of tenant.

If you buy mostly off-market you'll get zero commission, so a major factor for you will be if you plan to shop mostly via the MLS (which can be a good strategy especially for SFH where the data tends to be better quality). 

Don't sacrifice quality or start taking shortcuts, that will come back to haunt you every time.

I will chalk up my hesitancy and desire to pinch another penny to regret for not buying in this area 5-10 years ago when quality property was $6,000-$8,000 an acre instead of $25,000 as it is now. 

Quick question on the quality of tenants I can expect in smaller towns - say Sherman or Van Alstyne.

The main quality to look for is familiarity and expertise in real estate.