The monthly numbers aren't great, right at 1% rent to purchase price, but I did gain 40k in equity at close, paying 130 cash with a 170arv.  

Is it a smart idea investment to buy a SFH property with built in equity, make improvements to the home, and hold as a rental?

Is it a smart idea investment to buy a SFH property with built in equity, make improvements to the home, and hold as a rental?

You have $120k in total Property Value, and the same in equity...which means you're losing money. 

Houses have sold recently from 500k-950K, our mortgage was for 350k and we have about 90k in equity currently.

I do have 1 mortgage, with around $80k-$100k in equity in my home.

Even if we have just half that appreciation -- 6% is the average year-over-year appreciation for the last 45 years -- then you're looking at $34,000 in equity gain.

I'm pretty confident there is at least $20k in equity without doing anything to the house Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm pretty confident there is at least $20k in equity without doing anything to the houseDid you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Only if the property needs rehab, where you would be able to build in equity with repairs with a bridge loan.