Last one I had done, that wasn’t part of a renovation, was 3 years ago a 1,000 sq ft ranch, one color no ceilings or repairs and I thought $4k was high.  1800 sq ft townhome, 2 stories. 

Offer what the property is worth to you based on the sold comps as your ceiling, and what the maximum you can offer based on the monthly payment allowed. 

The association could require you to put the wall back.It looks like your unit is concrete flooring, and I assume concrete ceiling. 

Quote from @Drago Stanimirovic: Most investors hit their ceiling because of capital, not opportunity.

𝐓𝐡𝐞 𝐒𝐨𝐮𝐭𝐡𝐞𝐚𝐬𝐭 𝐢𝐬 𝐬𝐡𝐨𝐰𝐢𝐧𝐠 𝐬𝐢𝐦𝐢𝐥𝐚𝐫 𝐜𝐫𝐚𝐜𝐤𝐬:Atlanta, 4.17%Macon, GA, 4.12%Spartanburg, SC, 4.12%Affordability ceilings are getting hit.

Quote from @Kaleb Foster: hmm Potentially the Pearl home, I don't know what your market looks like in St.Louis, but we are seeing a ceiling of around $150/sqft sold price, and I don't believe the first two homes have enough wiggle room!  

You only get paid when you’re knee-deep in contractors, delays, random surprises… and the market keeps moving while you’re still scraping popcorn ceilings.

(I owned a condo where it adjoined units on 3 of the walls and one of the floor/ceilings.)

Sherwin Williams Alabaster with white trim and white ceilings.

We regularly add walls to create an additional bedroom, instantly increasing the rent ceiling for Section 8.4.⁠ ⁠