I had my guy quote me on pulling the old, 4 foot fluorescent, light fixture, sheetrocking the ceiling, putting in recessed lighting etc.

If needed, I might switch to listing at a $100-$200 lower price without the utilities to get more foot traffic. 

to find a short term vacation rental property that will cash flow - especially of the small 350-700 sq. foot studios we can afford right now.

Next I would change your analysis, because houses are not bulk foods; people don't pay for them by the square foot, especially when they are that big. 

Thats a lot of money for the city and of course all the tourist dollars that come with the foot traffic.  

The project is expected to begin as early as August of 2018.[12] Proposed Student Housing Project on the NW Corner of Euclid and Speedway- Local developer Michael Goodman and national developer Peak Campus have proposed a 5 story development consisting of 163 units as well as 8,000 SqFt of commercial space for retail and restaurants.[13] New Project Could Bring One of the Tallest Buildings to Tucson’s Downtown Skyline- Although details are still fairly unknown, it appears a new development at the parking lot located on East Broadway between Sixth and Scott Avenues will bring a 300-foot towner with office/retail space, parking and residences.[14]New Mid-Rise Apartment Coming to Downtown Tucson- Located next to One South Church this new six-story project will consist of ground floor commercial space for retail/restaurants as well as 100 upscale one and two bedroom apartments.

Very impressed you're able to build at 130ish a square foot. 

If you want to get a rough ballpark throw $50 to $75 a square foot at and then add 25% for contingency. 

I’m not trying to disrespect anyone or start of on the wrong foot.

Average prices, prices per square foot, average sizes, etc.