In my mind the marketing is softing.

The acquisition cost is $375,000, construction cost $3,080,000, soft costs $137,000, Contingency $150,000 for a total cost of $3,742,000.  

Beside All other soft costs, How do you track the cost to build a 4 story building in downtown Jersey City or Hoboken for proforma valuation. 

Here are a couple things that have come up a bit unexpected on me that you should consider: 1- You have a lot of soft costs missing from your stack that you will need to account for.

One of my clients most of his visits are people looking to visit family in the area but close enough for a disney trip, day trips to the beach which is 15-20 mins away, once the school is back up at full capacity FIT has a lot of foreign students who have friends and family visiting, the sports center in viera has very big baseball and soft ball tournaments multiple times a year before the pandemic but i think they have some things this on the schedule this summer. 

Your soft cost ratio will probably be about 30-35% of your hard costs.

One instance of that is in Gouldsboro where the only HOA allowed to STR is Big Bass lakes. or the reverse side where in Tobyhanna STR is allowed, though there is plenty of HOAs that disallow.

Also, make sure to have a soft start date agreed upon with the contractor.

Market was soft for 1-2 years, and then back on.

You need to get the actuals of her income statements and I'll bet there are products that would meet that.Couple that with an intelligent conversation about risk and opportunity cost of selling without a 1031 or holding into a soft market.