What happened
During a flight maneuver involving a simulated single-engine out go-around, the pilot applied full power to the left engine while the right engine was set at zero thrust. The pilot maintained the "blue line" airspeed of 118 MPH IAS, which arrested the aircraft's descent rate. Following this, the flaps and landing gear were retracted.
While flying by visual cues, the pilot noted that the aircraft felt "mushy" and the altitude was descending below the minimum descent altitude. Upon cross-checking flight instruments, the pilot observed that the aircraft was not climbing but continuing to descend. In an attempt to regain airspeed, the pilot lowered the nose, but realized the airspeed had reached or slightly exceeded the minimum controllable airspeed.
The pilot immediately applied full power to the right engine, but the aircraft continued to settle. The aircraft eventually contacted the runway in a wings-level and slightly nose-high attitude. An onboard check pilot reported that at the time of impact, the left engine was at full power and the right engine was at nearly or full power. Both pilots believed the main landing gear had been retracted, though the nose gear may not have been fully retracted.