My vote is invest in other markets where the money makes sense and then take that profit to visit whenever you like. 

I am guessing you like the numbers you see in Strawberry Mansion and Norristown (Montco not Philly) but do you know for a fact that at those numbers, you can do a full gut rehab and be at a number that will allow you to profit, and along the way make some sizable mistakes especially if this is your first project . . . 

Sell it for $220-240k rangeInvestor puts in $60-90k, Flips for $350-400k realizing a profit of $50-100k. 

Id like to understand what the most profitable way to fix up a current 1,700 SFR in a 6,200 sq. foot lot would be?

If both houses were sold in 2024 then the loss will negate the profit from my understanding.

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

Back before I retired, I didn't need any of the cash flow at all so all profit just rolled back into more properties.

Thanks Dennis, I think you're right that planning for a more conservative return would be a good idea.I re-ran my numbers at an even more conservative level:Lower ARV: $800,000Lower income levels (I'm assuming it will take a couple years to get up to full potential income, but giving myself 3 years was a conservative estimate):Year 1: 50k (NOI $1,000)Year 2: 80k (NOI $31,000)Year 3: 100k (NOI $51,000)My ROI numbers come out to:1% (year 1) 46% (year 2) 76% (year 3)This scenario seems like an acceptable risk to me, when the upside seems far more profitable.

Look for ways to increase profits but without cutting corners.

Keep in mind the more you write off the less money you will show as you net.If you have (2) full years and depending on how the accountant files your taxes you will have a schedule C more than likely or another schedule that shows profit and loss.