An "updated" property would be unlikely to sell at much of a discount.Bank-owned properties, as a general rule, tend to be in rougher condition than retail inventory.

Dan,You aren't mentioning what type of asset class (large multifamily, retail, office, etc.) and what deal size.

I had primarily invested exclusively in commercial retail, office, or light industrial.

Purchase 2/1 under 1000 sq ft living area with over 7k lots in areas where the price per sq foot is over $500 per sq ft (a lot of areas in LA county) : fixers purchase them anywhere between 90% to 70% of ARV (they can even be at 100% of ARV as in retail) if in a great area and a great lot. and ADD 500 to 1000 sq ft to living space | Renovate existing sq ft to match new home | ADD ADU (2nd unit or convert the garage). 

What is the typical target cap rate/IRR range for a hospitality, retail or apartment complex?

In March of this year, my dad who is a builder himself, sold a 4 bed 4.5 bath 3,800 sf spec build for $1.5M in less than 5 days.

(based on sold homes on Zillow)He has offered it to us for 480,000 and is moving to retire in about 2 or 3 months.it is a single family 3 bed 1 bad and has a carport that needs a garage door to enclose and become a garage.The house is about 1000 sq ft and has just been remodeled.

1 bed 1 bath co-op  

ARE NOT that much better of a deal than retail. 

Obviously there are going be be major changes and challenges in office and retail especially in urban environments.