FHA 203k Always Worth it?

[Pierre E.]

Is there a point at which  due to the fees and cost associated with refinancing,  an fha203k loan is not worth doing?

I feel like with a property purchase, even "turnkey" there are things to fix and upgrade to optimize rent potential and reduce headaches down the line... something that might cost 5k for example.  

Is there a value add or rehab cost threshold that people have seen where it typically pays off to do the FHA 203k loan? ie dont do 203k unless you need to spend x amount or more? or don't do FHA 203k unless ARV Equity added is expected to be ____?

I hope its not a dumb question, but in searching for a fixer upper home to live in and get value add a lender discouraged me from doing that on the house in question, stating with the level of rehab being too minor for it to be worth it.