If your end goal is to get the 10k difference from your projected ARV comps, I would go over the motion and figure out the COC return/ cash flow of the property.

I'm currently a project manager at an engineering firm.

At certain times on critical projects, we're not above dropping the pen and just asking the tenant what they want. 

Of course it's based on projections, so it depends on how well you understand that market.Keep in mind, what you're talking about doing is a business, so you need to think it through like you would a business.

Lenders will project , using a local appraiser , what future rents will be based on similar area properties even if building is vacant and not livable.

A couple probably novice questions:Are the number of units permanently declared at 5 although the project isn't completed?

This will help you to recognize if your numbers make sense for a project.

If you starting out are you trying to hire laborer as employee  or you hire out sub contractor to work on your flip project?

I am currently a Project Manager for a commercial GC in the Portland, OR market.

Real estate is also to help others to find solutions for their challenges ..... we help a few business to gain money and we offer jobs to a few contractors to help us with our project , we make some profits so win win situation .