In my mind the marketing is softing.

@Tom J.It's a start but I thought is was very soft.

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. 

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.  

The problem with painting over kalsomine is that the layer that it forms is soft and easily crumbles.

Let's say you purchased a 4 unit and let's assume you accurately forecast the financials and rehab:50k purchase w/30k rehab (+ soft costs, holding costs etc.)ARV is 100k Purchase and rehab funds come from hard moneyAfter your rehab, stabilization, and seasoning you refi in 1 year @80%.

I have most of my soft costs figured out and have a piece of land I'm ready to go under contract on and have vetted.

@Joseph Bass   YES Paying Cash for the whole deal@Andrew Zannotti  Paying cash so no mortgage, but yes you are correct I should plan for vacancy rate of 5% in, maintenance and CAPEX ( they have roof expense coming in 5 years which will be an assessment of 20,000 )A question Andrew: I am first timer so I don't know much hence request you to please guide.

Let's run your costs fast (very rough #'ers- have a spreadsheet I use- but lets us BOE)-Land $500k-Hard costs- $2M (sounds high- 200 psf for retail construction- I'm building at $130psf for hard cost)-Soft Costs- lets plug 20% for safety $400K-Leasing Fees (you're only paying for 4k sq.ft) 5% of your leases signed over 5 years and then 2.5% (my market- you're -might be different). 

I had a similar situation with a landlord, it was a house with a guest house in the back, two separate tenantslandlord wouldn't let me inspect, I reached out to him via DFD, place was beathe was hard to negotiate with but assured me that the tenants would be out if I purchased since he said they were both on month to month leaseshe wanted too much for the place and was local, seemed like he was just testing the market since its so hot here in Los Angeles, place was distressed but not a lot of motivation from himI did give him an offer though just basically assuming the place needed a lot of work, I calculated $35sq ft for rehab, I went higher with him and used 75% of ARV minus rehab and hard and soft costshe was a little insulted by my offer but LA is a tough market