However since we purchased the home, prices in our area have risen pretty quickly and there is a major redevelopment project just getting underway about 1/2 away.

But with construction costs skyrocketing and considering how every good contractor is booked for 6 months, you'll end up getting quotes closer to $250-300/sqft.Generally it is not a good practice to estimate the ENTIRE project based on price/sqft, as some items are way more expensive than others, but you asked for a "general" ballpark.

You might be restrained to seasoning though depending on how long the project takes and how long you've owned the property.  

It sounds similar to what Virtual Staging Solutions has created for the staging industry...They charge per Project to 'virtually stage' a property. 

I’m currently in the Bay Area but will be moving with my family to Eugene while my husband goes to grad school. In addition to some other OOS investing I’ll be doing, I want to buy a Portland home in a desirable neigh...

There is no real figure to put in into a project, not even a ballpark.

This is my first project and I am looking for cash-flow, not to flip.

So for the duration of your loan, you should be able to anticipate your mortgage payments and to make projections in line with our objectives.

Repairs/CapEx/Vacancy projections might be a little low.You should budget for property management, even if you're planning to self-manage.

After the housing collapse, I take all projections with a heavy grain of salt.