I mean there is always a chance you can jump off of a 100 foot cliff and survive but that is not the common or best way to get to where you want to go and 9 times out of 10 you will never make it, only jam yourself up.

That Comp Report would have told you before you even set foot out the door if the asking price was realistic.  

I want to put my best foot forward and prove that I'm worth the effort.I doubt your PM is violating the contract but you've hired a dud.

I'm looking  to become a whole seller to get my foot in the door!

There are two things that stick out like a sour thumb to me about what you have presented;One: How can you afford a 5100 square foot building and still pretend to qualify for a financial hardship without comitting fraud?

They will do all the foot work necessary on your behalf.In your position, with the markets as high as they are and potentially a market adjustment on the horizon, I would be selling not holding SFHs at this time.

Well since you have already started and got your foot in the door to real estate investing I might suggest you make your next one a small multifamily like from 2 to 4 units , live in one and rent out all the other units.

However, general rules of thumb are to calculate price per square foot of other recent sales (ideally within the last 3 months, longer if you have to).

@Christine, Bingo like a light bulb it just clicked.

I put together a deal and ended up with a 15K square foot, 3 floor building.