Numbers too tight.  7% is low for capex and repairs. 

The contractor kept promising 2 months, it would be complete in 2 months and each time that deadline would come and go.In July I'd had enough and asked if I could take over on his behalf, be the quarterback and get this house to the finish line.

I worry a bit though that it will be tight, and that I’m banking on appreciation a bit.  

You have to be the one to impose the deadline and stick to it. 60 days at most.

If I were in a market as tight as Austin, Southern Cali, Denver, etc., I would be looking for self-storage. 

This is a blood, sweat, tears, and toil kind of thing to learn how to profitably renovate an old MF building with tons of deferred maintenance issues and turn it into a tight little ship that puts a lot of money in your pocket.

It will largely depend on how good you are at finding the right deal, negotiating the best price, managing the rehab and running a tight ship as far as the day to day property management.

I've been actively looking for deals in Palm Beach County for several months now with zero luck.Prices are ridiculously inflated and competition is extreme from other investors and also hedge funds.I'm just sitting tight and waiting for real deals at the moment rather than overpaying like everyone else.

Hard money that says that normally is institutionally funded and they have rates that have been squeezed so tight that they can't do anything with a loan of that size. 

It's 10k - and if a 360k deal can't take a 10k hit then maybe your numbers are too tight on this one.