On average that should be about $424,100, but it is based on your location.

In the last few years I've averaged 3 offers a year, bought them all with cash and closed as promised.All were carefully chosen for the rehab to rent strategy that I'm doing.I absolutely refuse  to waste my, or anyone else valuable time chasing all over creation looking for a short term gain.I'm old, slow and methodical in my pursuit and fully expect to enjoy the fruits of this attitude for a long time.

As I recall, they told me that an average size house would cost 5% of the sale price.  

I've been told by students that the average a student pays for rent is $600 (2BR) to $1000 (3BR). 

Condition of the apartment is average; no mass destruction but stuff everywhere and needs to be cleaned up. 

They then add your mortgage payment and HOA payment as a debt payment as well as an average of other recurring payments such as management fee, utilities, etc.  

In this regard, investing in a market with long term appreciation (not just one or two years but averaged over decades) is a lot more passive of an investment.

So the average person can afford 1k/mo in rent.

Liability alone would chase away the average broker.  

I've been using the average of the 3 lowest and 3 highest comps in a one mile radius if possible but I'm finding that in some areas that is a big gap and I'm trying to find the most accurate way of estimating value short of calling a Realestate agent or appraiser for every deal I analyze.