Something to keep in mind as you're estimating project duration and ARV.

This includes finding and vetting vendors, following up on estimates and completed work, and making sure turnover is as quick and painless as possible.  

They probably don’t want to admit the real story to themselves or their investors.My observation is MF values are down 25% to 37% from peak—I have a case study with a reliable value at the moment of peak and a semi-reliable current value estimate—the drop is 37% and this is not a distressed property. 

Banking on one buyer to purchase a property at $400,000 above the estimated ARV can easily go sideways.

Today I looked on another site pennymac to see the value it said and there was no information for the address of my property but when I added #2 to the address and it was able to come up with an estimate for my property.Do I need to be concerned that these apps are showing my property with the wrong address?

What is your estimated new construction cost of a SFH, or Duplex, or Triplex? 

$60k initial estimate, 71k final costs.

#3 Would the 6k with labor and materials be a more accurate estimate?

It's a good idea to get an estimate from a contractor to back up your deduction and keep everything transparent for the tenant.

Between now and then you can really crunch the numbers on rent vs. costs and decide how much negative you can stomach....at worst you still decide to sell in the spring and maybe it's a $40K loss instead of your current estimate.