There's far less unknowns with PPC. 

@Thomas KwanAs others have stated, there are too many unknown factors to determine what legal rights your friend may have at this point.  

Success is merely the systematic acquisition of skills" - Unknown Here is a link to The Red Road to Real Estate Part 1 in case you missed it.https://www.biggerpockets.com/forums/522/topics/471483-the-red-road-to-real-estate-part-1

There will be some uncertainties in your projections, so best to make sure you have sufficient profit margin (aka margin of safety) and cash reserves to cover these unknowns and maintain multiple profitable exit strategies in case they are off.Please note that this sort of analysis is much more in depth and fundamentally different from the analysis presented by the OP ... however, she asked if her analysis was right, and IMO this is what an analysis that is "right" would look like.

Your financial models need to stand up to stress tests where there's not only no appreciation, but where there's some depreciation (it can and does happen). ...everyone in 1965 Detroit assumed that future RE appreciation was a lock...well, not so much.   ...although you can (and should) try to find places you think will appreciate, at the end of the day, your financial models should not depend on unknown future outcomes that nobody can predict.Good luck out there!

I found in the area that I am targeting that when using Duplex, Triplex and Quadplex, LS was able to filter based on equity %, but once I went to Apartment or Stores & Apartment most of the leads where classified as equity % "Unknown".

The key is that you accepted the place, and now are unhappy.The unknown in this situation is the construction.

This is not usually done when a property is listed with a broker as they can insulate you from losing a deal, if you're dealing with some of the investor types unknown to you, it might be a good idea.Good luck!

There are a lot of unknowns I realize, but if anyone has some general insight as to if this is a good buy or not? 

We call them escalation clauses...and honestly I dont think Ive ever written an offer where I also didnt have an escalation clause already written and ready to send when there are multiple offers. 100% of the time I have one, qnd I probably need to use them about 80% of the time. in hot markets its what you do.. in some markets that have not experienced the competition its an unknown tactic..