I have found that they worked really well when it comes to getting better tenants and better rents, and having less hassle, less headaches, and then getting a higher sales price; without paying closing costs or realtor fees.

If one tenant has been in there for that long, there will also be some serious capex and turnover costs.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

I feel like there's still people trying to make BRRRR deals work close to the city and the truth is it's nearly impossible given prices, rates, and the cost of construction.

I want to stop being pennywise pound foolish and get things set up properly. 

Consider this the cost of your education.

Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

Many out-of-state investors make big mistakes that cost them far more than a property manager would charge.

Houses out here cost average $1.3M and rent for $4,000 per month. 

Also factor in if the rents jumped a lot and if that would lead to a vacancy, which will cost you more in the short term.