They are known as the Winthrop Factors-The purpose for which the property was initially acquiredThe purpose for which the property was subsequently heldThe extent of improvements made to the propertyThe number and frequency of sales over timeThe extent to which the property has been disposed ofThe nature of the taxpayer’s business, including other activities and assetsThe amount of advertising/promotion, either directly or through a third partyThe listing of the property for sale through a brokerThe purpose of the held property at time of sale; the classification as an investor or dealer is determined on a property-by-property basis.To me intentionally buying a property to renovate it to resell it for profit, twice in the same year, and opened an entity to do it in ....is going to be ordinary income and not capital gains. 

Multiple people had some bad things to say about the area, but when I moved and realized that it was a low income area with a lot of homeowners, I was motivated to improve the property to match the effort my neighbors have put in. 

Because multifamilies often have proper back yards and are in neighborhoods built for families, I've at least found that multifamily tenants are more likely to have kids and often that means that they're more likely to know a couple things about home improvement and either have special maintenance requests or want to fix unit issues themselves. 

No improvements needed that could drive up values (and your equity)?

Any improvements would increase basis.

Knowing the ARV clarifies whether investing further is worthwhile or if it’s best to exit now.If the ARV is high enough, you have several viable options:- Complete critical repairs (roof, foundation), incrementally update units, gradually raise rents, and potentially refinance later to improve cash flow.- Alternatively, complete the repairs and sell at top market value, maximizing your return despite the short-term headaches.However, if the ARV is too low and won’t justify the $50K+ in repairs plus remote-management stress, You might be better offer selling now, even at a loss.

I have had experience helping improve people's listings and gaining them more bookings.I’d love to help you craft a compelling listing—completely FREE—so you can start seeing better results.

One multi building we owned for 37 years, improving the property over the years and ended up selling it for 6X what we paid for it.

@Samuel CoronadoSamuelDid you rehab and improve the property?

It probably is still worth it if you can raise rents, reposition the property, improve the efficiencies of the property and optimize debt when the time is right.