But a concrete block construction rental property shouldn’t cost more than $80/ft to build with some moderately nice and modern finishes.

I have a deal that I could use some feedback on from the group.I specialize in SFH, and recently ran across one for sale a block away from my latest acquisition.

All the trade websites say that in the end they're only a tiny percentage more expensive than regular concrete block because the labor costs go way down.    

I keep each below $1M to avoid having to do Sch L&M on the 1065, which are a pain as a self-filer. 

The house now is right off of the main tourist strip exactly a block away and The reasonable market value on it is $147k.

Option #1 may be less painful:)

BTW, I will be blocking off the fireplace from actual use, so any ideas about what to do with the opening would be great too.

Once everything was figured out, I built this butcher's block countertop and installed the farmhouse apron sink.

I always hoped to live in a neighborhood where I could walk up the block and go to a bar and walk home when I was done, or pick up a baguette at a nearby pastry shop.  

I sometimes find myself chuckling over a home made contract, because I can tell how it reflects one bad experience the landlord had in the past and they are now trying to avoid future pain they have suffered in the past.