Being a midwest/rust belt raised guy, I'm confident that I can find very simple and cookie cutter 3 bed 1.5 houses for about 60k in Michigan, Indiana, Ohio for 60k-ish and rent for $700 a month in decent neighborhoods.  

Under contract for an office building in a neighborhood zoned R3.

There are at least two carbon copy examples in the neighborhood and this seems to be a low complexity project.  

There’s other contingencies you can use too, financing, feasibility, environmental, neighborhood review...Have your DD start the 1st business day after they provide you with all the documents, P&L sure, but also you’d want title docs, details on mechanicals like age, repair history and warranty status, insurance claim history for the last 5 years, every scrap of detail on any pending claims, zoning use confirmation from relevant govt entity, copies of all docs they have received from any govt authority related to the property for the past 5 years... there you’d be looking for code violations, notices from EPA or fire marshal, etc.  

There are literally some neighborhoods that have homes pushing $1 million.

I am also interested in North Main neighborhoods (Earlewood, Elmwood Park & Cottontown) and certain areas in West Columbia right across the river ("The Avenues"). 

The neighborhood is Nob Hill which is one of the most expensive and desired neighborhoods in the city/country.

I got a newer SFH in a B class neighborhood sold in a few months and came out OK.

I realize a lot of factors are at play when arriving at this number, aiming for average cost per sf in NNJ in a nice neighborhood.

I did find a Notice of Sale from the newspaper though..