But they're asking $36 per square foot above the average for the neighborhood, and there are simply no comps to justify this asking price.

The square footage I'm looking to finish is about 500.

LIFE-CHANGING ACTIONS here.STEP 1-20.You need to get you personal home rent-ready... not overboard updating, just rentable... clean and painted etc.Fix any leak faucets, loose doorknobs etc NOW, so that when your PERFECT tenant moves in, they won't be calling you to fix those.Put in new 5 Year Lithium Battery (write the date installed ON THE OUTER SHELL) of SMOKE DETECTORS (draw faint red stripes across the front outer shell of smoke detectors-- red means fire or smoke-- when the smoke clears (if the house didn't burn down) it's ok to reset the smoke detector and finish cooking dinner.ON CO DETECTORS (draw faint gray stripes across the front outer shell of a CO--teach your tenant the gray stripes mean DEATH-- if that alarm EVER starts beeping, they are to immediately raise windows , open doors and call you---even if its 2am--- A REPAIR MUST BE MADE or people can DIE-- little children and elderly go first

The seller had purchased several lots/houses in the suburbs of Portland and listed a few and was starting rehabbing a few.I was preapproved for a 203K loan for $690,000 and I got a few rough estimates of $130-170 per square foot.

A deal is a house that is cheap compared to the other houses in the area with similar square footage, condition and amenities. 

If you see this property surrounded by others that are also very cheap or cheaper (I see some multis for 10k) , that can be a red flag.

I believe it would be in your best interest to understand the local market around the subject land and weigh out if 3 bedrooms, 4 bedrooms, number of baths, attached garage, square footage, and etc. would fitting for the surround area.

I like the idea of square footage multiplied by a price.

I am going to build a duplex or Quadplex in Fountain Square.

I put these in my rental and they've caught dark soy sauce, bright red jams and other spills.