You don't know what material costs were, what labor costs were, or John's scope to flip the property. 

Leather is a living material and it will dry out and crack if not maintained.Microfiber is a good choice like @John Underwood said.

most bankers are standoffish ;-)yes, the HML/PML will be higher cost, but my concern for you is the banker knows he can't do your deal, but will string you along for a while, ask for additional information that takes you time (and maybe cost) to put together and he ends up either ghosting you or taking 6 months to tell you no.I could be wrong and you may be dealing with a "unicorn" banker, but I believe a HML/PML that knows construction in your market will be easier to work with, actually close your deal, and end up "saving" you money in the long-term...just my 3 cents - even inflation has increased this!

Ask local materials distributors which contractors pay their billing on time, and who order materials consistently.Go to some local REI meetups and ask for referrals.Look at local jobsite and take note of truck signage.Of course verify their licensing, here's a link https://lni.wa.gov/licensing-permits/contractors/hiring-a-co...

We have a Pottery Barn table at our personal house and we would not buy it again knowing what we know.There was a lady I know that got bedroom furniture that was made out of plastic material and looked good.

See what's on facebook marketplace & craigslist, so many people have extra construction materials from remodels they'll give away for like $20.

One lesson learned: Create a good relationship with contractor and shop around for the best pricing on materials.

For you to ask this, you're valuing that "16% CoC" so highly it's likely overriding the real material aspect of the investment.

We have found that setting our expectations about what we want is helpful (financial performance, level of renovation we can handle, forced equity opportunities, number of bedrooms, etc) and then waiting for a deal to materialize. 

Beyond that, you need to become an expert on labor and material rates in your area or get connected with someone else that is.