***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.https://www.biggerpockets.com/forums/776/topics/960183-what-they-dont-tell-you-about-cheap-rental-properties?

Not cheap but not luxury either.

North-Easterners see it as a cheap retirement destination, while its existing natives are sick of the housing crisis and are looking to retire somewhere more affordable.

This would effectively double the square footage (from 1500 living area -> ~2700)This obviously wouldnt be cheap, but if it could add ~350k in value, it would be worth it.

Doing quality work with responsible employees that are well paid isnt cheap.

This is because umbrella policies are relatively cheap and when you place them over multiple base policies they tend to make the liablity coverage more affordable while also increasing your liability coverage to $1 million or more.

Cheap materials will not last long in a rental property.

An entire huge industry is there specializing in it's acquisition and exit and they are not cheap.  

In my area that would be a fair price, probably even a little cheap if you're truly getting what's in those pictures. 

Of course, meandering hasn't been cheap, so I find myself starting at the bottom again.