Then, contact your lender to ensure an appraisal for the property is ordered and scheduled.

You may do 100% of the initial cost (purchase + rehab), on a delayed purchase as long as the total loan amount does not exceed 75% of the new appraised value 

As long as it can pass an appraisal and not be "Subject to" would be wise but a little TLC is preferred versus major rehab.

I think it would appraise for around $140kI have only owned it since March, so very little rental income.

Did the property have a recent appraisal?

As a commercial real estate appraiser I did my due diligence on the property’s cash flow and leases and something looked very off.

My question is, does the 6 month wait time on mortgaging it still apply since an appraisal wasn’t done when I purchased it?

After breaking down the pros and cons the one thing I'm not unable to estimate is the appreciation difference between brick versus vinyl property and resale value so my question to experience investors is what would you recommend investing in for appraisal?

It might not even be accepted on your initial terms and most states have buyer focused contingency periods, or a statutory period of 7-14 business days to remit the deposit, perform inspections, organize appraisals and generally renegotiate or cancel without risk to the buyers earnest money deposit.

And you have an "asset" in the hood, you can safely assume the appraiser will not pick the 5 best comps.