Does a house need to be rundown to BRRRR?

[Yumiko A.]

Very new to real estate investing here and looking to start my first BRRRR. I'm looking at affordable markets such as Columbus OH (any other market suggestions welcome) because my down payment and rehab funds are limited (hoping to stay at around $40k) and I'm hoping to do a cash-out refinance to get more cash to invest. How do people find good BRRRR properties? Does it need to be rundown so you can get more value after the rehab? How long does rehab usually take these days? I'm eager to invest and re-invest so a fast turnaround time would be great (might be asking for too much!).

Any help/tips is appreciated! Thank you!