Can’t compare homes in East Tampa to, well, anywhere really.

AirBnb is an option as long as the unit is furnished nicely and all the towels, sheets, kitchen ware available.

my thoughts are that as long as you have the cash or can get financing to fund the soft costs and hard construction costs then i think you would turn a profit. as you said, your betting on avg house cost, hopefully you've done due diligence to check that but ultimately if that area is in a housing shortage then I think the market will eventually meet or exceed 

@Marquis Williams Many lenders now do what they call a "soft pull" on your credit report, which doesn't trigger an inquiry, for the pre-approval process, and a "hard pull" when you're actually going through the motions of getting fully approved. 

Unless you have quotes for your soft cost services, $8k seems really low.

The higher end flip market is soft and new first time home buyers are all maxing out on there pre-approvals.  

Don’t forget to factor in additional thousands to furnish the entire house, and buy a couple sets of linens for each bed, kitchen ware, and at least starter amounts of soap, toilet paper, paper towels, etc for each guest.

Let me know if I am missing anything.Purchase cost of an old house on a 7,000 sq ft lot        - $ 1,800,000Architect Fees                                                            - $     30,000Other Soft Fees (like Permits)                                     - $     45,000Construction (3,000 Sq Ft)                                           - $   700,000Finance Costs(Borrowing around $1.4 m for 2 years      - $   110,000as primary residence mortgage)Selling Costs (5% of $3.3 mil)                                       - $   165,000------------------------------------------------------------------------------------Total Costs                                                                 - $ 2,850,000Selling Price                                                               - $ 3,300,000Profit                                                                         - $    450,000Are these realistic?

Let me know if I am missing anything.Purchase cost of an old house on a 7,000 sq ft lot - $ 1,800,000Architect Fees - $ 30,000Other Soft Fees (like Permits) - $ 45,000Construction (3,000 Sq Ft) - $ 700,000Finance Costs(Borrowing around $1.4 m for 2 years - $ 110,000as primary residence mortgage)Selling Costs (5% of $3.3 mil) - $ 165,000------------------------------------------------------------------------------------Total Costs - $ 2,850,000Selling Price - $ 3,300,000Profit - $ 450,000Are these realistic?

It is ALWAYS better to leave it out the soft cost items so the "owner supply the material for finishes".