Text
All villas are expensive or located outside of popular areas, but never both and villas are residences. Residences that are not villas are never without air conditioning. All air-conditioned villas are expensive.
Conclusion
A residence without air conditioning that is not in a popular area will not be expensive.
Answer
The conclusion follows. Residences that are not villas are never without air conditioning. It actually says here that a residence without air conditioning is a villa. A residence that is not a villa never has air conditioning.
The conclusion can therefore be read as, 'a villa that is not in a popular area will not be expensive.' This is true, as villas are either expensive or outside of popular areas (not in a popular neighborhood), but never both.