I realize I will need to account for geography trends but just looking for a place to get started.

It is a gentrifying neighborhood with older resale homes trending in the 150-250k range, and new construction trending in the mid to upper 400s.

See what the trends are in the last 2 years.

Based on the population trends in the NYC surrounding areas it was clear that this location would be hot in a couple of years.

You'll start to see some trends, it will give you a lot of credibility with the PM, and it will set the tone of your relationship with them - they'll know that you're business minded and these are the areas you'll be focusing on once your asset is in place. 

I've been provided the Feasibility Report which includes a 5 year Proforma, Project Construction Cost Breakdown and I've also been provided a Trend Report for the previous 5 years as well.

Most buyers with data are saying they do not like that product in the market.So you should start seeing a trend with sales.

@Jay Bhatt It is trending towards a buyers market in the zone @Mike Kulnich mentioned. 

I've been provided the Feasibility Report which includes a 5 year Proforma, Project Construction Cost Breakdown and I've also been provided a Trend Report for the previous 5 years as well.

Check if sales last 3 years are trending upward, flat, or declining.