So a "soft flip" might be better.

What are you using for soft costs.

Folks simiply have less money and segments of the economy might not recover for awhile:  Travel, entertainment and larger purchases.In soft markets, inevitably we should be able to find some better deals. 

Once you establish some relationships then the soft cost will come down and the GC will be willing to make less profit on a job because they know another one is coming.

The soft costs(variable) are harder to quantify.

You will need to account for all costs, not just fixed costs like PI, taxes and insurance, but the soft costs like vacancy, repairs, and capex.

I would say keep at it but add extra time during soft development and that way project would be pacing the Houston local downturn. 

If you have soft ducts (fiber glass, not sheet metal) for AC those could absorb the smell and have it return every time the AC kicks on. 

However, there are also other factors to consider, site development, retention, utilities, permits, soft costs (architectural, taxes, insurance, legal), etc., if the building is multiple stories (elevator), construction technique (fire suppression) etc.  

Hard and soft.