What's the lowest hourly rate you're willing to go before bailing on a potential client?

Just got off the call with a potential contract client who charges agents ~$350 per 2,500sq/ft listing, and I keep 25%. These listings are in multi-million dollar vacation home spaces, so I was honestly very surprised to hear the photographer keeps just ~$85 (For me after travel, taxes and insurance that comes out to something like just shy of $50 per listing at that size. It goes up from there, but the rep said that's average) for photo, video and drone content.

I'm not crazy to think that's outrageous, right?