For me that’s the only thing to rely upon is the cash flow.

In a 1031 exchange, the replacement property must exceed the total sales price of the property sold ($700K in your example), not just your equity portion.

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

I just closed a DSCR loan on a Duplex with Total Quality Lending.

Though DSCR gives you a better picture of how the property is projected to perform vs debt service, you can't rely solely on one measure to make a purchase decision. 

A report from Apartments.com shows that 178,000 newly constructed units entered the market in Q3, bringing the projected year-end total to 636,000 units.

Do not rely on it for legal advice.

The information contained in this post is not to be relied upon.

It may seem easy to jack up rent but there is something to be said about good, on-time paying tenants.As an accountant, I always rely on the numbers.

When relying on LIHTC to make the deal pencil, yes developers wait BUT only if they have the resources to wait and only if the property owner is willing to not close on the property until the project is fully funded.