Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

Besides the stress, the other main factor that I want to point out is- time and use of money.Wholesaling would have been much faster and that money could be used for the next deal faster.

Return:Finishing the basement and adding bedrooms can add significant value, especially if your local market places a premium on additional living space.

Speed of building a portfolio (Cash-on-Cash return is a factor here)?

You might have additional items depending on your market.1. 

Additionally, how many calls does it typically take you to successfully close a deal using this approach?

In southern CA, even garage conversion ADU additions are typically costing more than the value added.  

Recently completed a cash-out refi and want to take that money and buy 2 additional properties (~$200k or less each). 

Just another factor to consider - if you want to keep your monthly payments the same, do not under any circumstance swap the debt over to some other debt instrument.

Here is a list of what adding ADUs in my CA market is typically a poor RE investment:1) The value added by the ADU addition is often significantly less than the cost of adding the ADU.