I think right now with rates where they are, there is a smaller buyer pool, which gives opportunity to get even greater discounts. 

Cost of construction is high and you may be paying extra to match 2024 building codes rather than a remodel/addition.

I'll add it likely will make very little difference to the overall appraisal price given it's a 10-unit.

What did the additional cash invested go towards?

SoCal is getting a lot older and most 20 plus old homes need updates and perhaps a value add addition.

By focusing on building relationships, seeking guidance from experienced investors, and staying informed about local market conditions, you'll be well-equipped to achieve success in your real estate investing journey in Georgia.Best of luck, and feel free to reach out if you have any further questions or need additional assistance!

These factors contribute to each opportunity possessing unique characteristics for every investor, in addition to the learning gained throughout the process

One thing that buyers/borrowers often don't realize is that you can also do Conventional, VA, and USDA for owner occupied property in addition to the FHA 203K product.

Another valuable skill to learn is how to find off-market or deeply discounted properties.  

Additionally, you are correct about the potential appreciation of a condo in this environment.