Most of the "tasks" to consider here are the following: Zoning/Permits- Biggest factor here is time/Architect and possibly engineers for underpinning.

There is no right answer here, but your decision should be influenced as much by your business plan as it will be by anything else.

Than run numbers both ways and you’ll of course have your an answer in terms of net worth that factors in risk, inflation, appreciation, and other assumptions.Do you want maximum cash flow?

My only real expense has been electric and water each month at less than $30 and a years’ worth of taxes that will be $3600 and which I’d factored into the total cost.

If you are dead set with tackling this project solo then I suggest you factor in a decent amount of contingency cost and extra time for the project to run over.

Obviously price, but other factors such as DOM (days on market). 

@Jennifer PetrilloThere are many factor that could contribute to this.  

Another factor is reluctance to return to hotels, combined with hotels being slow to reopen.

I would say new construction may be a little more risky right now due to those factors.

If your roof was 15 years old, the insurance would be sky-high to factor in the likelihood of damage to the property due to leaks, breakage and disrepair.