how much

I on't think when he bought it is as important as what the current market value is. Maybe 16 months ago he got a great deal, or maybe he did some extensive renovations. I would compare the price to other similar apartments in the neighborhood to see if it is priced right. Brokers can usually get you info on what apartments are going for in that area. They have a name for the report, I forget what it is.

Totally depends on the place. He may have bought it at a discounted price (distressed seller), he may have put a ton of money into the apt in renovations, or some other scenario. If he paid a fair price for it and has done nothing to improve it, then that does sound very high. How big is it, where is it, etc.?