I am thinking of submitting a very simple and very narrow app that performs

a few basic calculator functions that real estate people use all the time. These functions can be found in other more comprehensive calculator apps now on the market, but I think that I can market this app successfully. Does it make sense to develop and submit this, or is it so basic and limited that the reviewer would simply discount it as there are so many other apps that contain this function that are far broader.

It's really difficult for anyone here to say what Apple might or might not deem to be redundant. If you're an iOS developer program member, there are App Store resources and information here:
http://developer.apple.com/appstore/
that should be of help. But you may not be able to get a definitive yes/no until the app is developed and Apple can see what it does.
Regards.

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    HTH
    T.

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