I live in beach market that is heavily regulated.

I hope what I'm about to describe isn't going to be you, but I would be 100% sure before I made the move. i can see someone downsizing that heavily only to find it's not the life they want.

It is also heavily taxed.   

Obviously the cost will depend heavily on the work that has been done most particularly the quality of work. 

Comparable Sales: Appraisers heavily rely on comparable sales (comps) to assess a property's value.

The areas you focus on will depend heavily on your goals.

This is not a property I anticipate being heavily cash flow positive at any time.

All of that being said, if I get heavily into investing in my own projects and find myself getting away from the sales side, say in 5-10 years, I would heavily consider getting my brokers license to become an independent broker with no agents, so that I'm bound only by the more broad state laws as opposed to brokerages, which always have liability-limiting rules more strict than the state.  

The areas you really want to avoid, generally, also tend to be the same areas where the crime statistics are heavily concentrated.I hope you have an awesome experience as you begin your search for real estate. rf

Opex is heavily increased with very mild revenue stream increases, it's indication their business operation is not modest enough.