Thanks for all the great feedback and discussion! A little more details, to help paint the picture. I bought the property about 4 years ago, for $100k. I feel as-is, I can get around $120k after cleanup and some minor repairs. I don't think that's too crazy of appreciation, given the market the past few years.
That said, the house does need some work. The previous tenant was a slob and definitely didn't take care of the property. That's on me, my other properties are in good shape, this one was always out of mind. I'm estimating around $15-18k in renovations and would probably sell around $140-150k. Ideally, my goal would be to get $40-45k equity back out. A cash-out refi isn't really appealing with the rates and I'm locked in at 30 yr, 4.7% currently.
In it's current state, I was getting $1100/mo, I feel I could get $1400-1500 after reno. So I figure, if it makes $400 more per month, I'm looking at 4 year payback on the renovations with the risk of some other repairs down the road, such as furnace.
