When you arrive at an estimated value, then consider your subject property profits from that estimated market value, depending on what improvements you were contemplating you can add or subtract amenities or improvements to that subject for profit desired, either way, after you adjust those costs of improvements, you should then check you comps as they may no longer be comparable to your final subject as planned, seek other comps and arrive at the new estimate if necessary.It's a matter of interpulation working back and forth between values of the repairs considered until you get to an acceptable profit for the work and repairs to be made when compared to other similar properties with like amenities.

I subtracted soft costs, etc. for this analysis.

You can subtract your cost of sale.

If you want to do a rough ballpark to see if you might meet this, pull up your most recent tax returns (or 2017 before you file them), look at net taxable number at the bottom of Schedule E, add back depreciation and mortgage interest, divide by 12, and subtract your P&I payment (we removed just the interest earlier, now we're including the P&I) to arrive at ballpark monthly true net cashflow, and compare to personal monthly debt obligations.In your case, the strategy might be to find a local lender that'll entertain this, take out as much as you can using Fannie money, and only use hard money once you're tapped out of Fannie money. 

To calculate the stabilized net operating income, subtract the total stabilized expense from the total stabilized revenue, which are based on how you will operate the property.

Subtract these debts from the after repair value (along with guesstimate of repair costs).

The fees for the auction and the costs in litigation to get it to auction are also subtracted from the equity.

Once you find a value your comfortable with, subtract $5k and see if it still pencils.

Learn MAO, subtract your assignment fee, and never, never, never violate MAO. 

If its not on any tax returns, they take 75% of the rent and subtract the PITI payment.