I then got in to apartments, commercial developments, historic renovations, etc.

We are at historically low rates as it is.

Did you look into any of the historical information on this rental property (e.g. occupancy v vacancy, avg nightly rate, etc) to make your decision? 

I'd ask them for a historical P&L of someone that has operated a property with them and show them all of the fees that that person has incurred over the trailing 24-36 months.

http://www.cntraveler.com/story/the-us-government-is-auctioning-off-six-historic-lighthousesCalm down trolls.

Money can be made in both markets ... if you haven't already, though, look at the historical prices of what happened to Las Vegas vs LA after the crash ... this is what you need to be aware of and prepare yourself for regardless of which market you choose to invest in.

I bought this old building, built in 1906 and on the registry of historic places with 2 levels and 10,400 sqft, 9 apts & 2 retail spaces - from a motivated bank seller for $260,100.  

I LOVE the appreciation I GOT, this is an historic high for the area and I don't think it will continue.

As for you projection the $300-450/sf is not something any experienced investor wants to put that much even in PA, CA.Home prices in East Bay already passed historical high last spring with more people leaving than arriving on the rentals.

@Chelle Knijnenburg I actually reviewed historical documents in the property's chain of title, which were available online from the county for a small fee.