After all the permitting, materials, labor, and associated cost are payed the total cost was $290k.In this case would the market value be determined only by demand for that area?

In CA, where I am located, there is such a high demand for properties at such low rates that most good homes (distressed or not) are selling for way over asking.

Get to know all you can about the market, and understand the price point people are buying in and where the demand is.

As for some insight to the market here...Weber and Davis counties are experiencing very very low inventory for people looking to buy, rent, or build and has created a high demand for everything and anything. 

Each unit rents for $1,000/month and while the home is a bit older (built in 1983) it's in a B-Grade suburban neighborhood with high demand.

Sometimes a demand letter is enough to put these things to bed.  

I'd say the most important qualities of an agent are:Be a good communicator ConscientiousAttentive (active listener)ProactiveConnector of people (contractors, lenders, inspectors, etc).Different clients demand different skillsets, but I think buyers & sellers will be well-served if their agent has the above qualities.

The 18 to 44-year old demographic comprises 70% of the rental housing demand in the US. 

The law of supply and demand is king and thinking you can just luck out and snag something below market is simply a stupid business plan.

It depends on the manager, the condition of the unit, the demand for a similar unit, the price etc.