in the third tier city where i am right now, high quality apartments go for 200kUSD or less. i don't know about those of questionable design and safety but i can't imagine that they go for anything but less than half that.
Two seconds on Zillow you can see tons of properties for $300k that are neither 250sf or plastered with bullet holes.
One of many examples:
https://www.zillow.com/homedetails/205-E-63rd-St-APT-10H-New...