$350 might be high for hard costs if he’s a builder (which it looks like). For the finishes I see here, I’d say $225-250 hard costs as a single-story, plus the following:

– Pool is small – 75k
– Landscape – 200k
– Architect – up to 200k if a name architect, $75-100k if a ‘regular’ architect, and as low as 25k or less if a designer
– Other professional fees – structural engineer, designer, etc. – maybe another 75k
– Permits – 50-75k (since I don’t see any big grading needs on that lot)

There’s a $3M construction loan on the property, with another $750k equity line, so clearly there wasn’t a lot of equity to say the least.