Former real estate broker here, also long-time property investor: all about location.
I live in a somewhat upscale Midwestern suburb: top schools, pools, parks, libraries, police & fire, etc. Low crime. High taxes, but worth it.
Modest but very nice house, worth about $500K in this market.
The exact same house and lot--no exaggeration--would be $1.5 mil in LA or San Francisco.
All that is needed to make a happy life is within yourself, in your way of thinking. -Marcus Aurelius