Everyday my respect for you Ben is increasing.

@Neal Coppola As mentioned above, inventory has increased significantly for these lots, but with that being said, the overwhelming majority of those aren't listed anywhere close to what I would consider a reasonable price.

Investing in distant markets increases your risk and/or increases your costs. 

I think it depends on 1) what kind of profit/loss you’d make if you sold it and 2) whether fixing repairs and replace the siding would increase the next tenant’s rentI hope that helps some!

If sales prices in the local real estate market are increasing, as they are now in much of the country, there is less risk in taking on a project like this. 

get quotes, run the numbers.on the addition - it's almost definitely not worth it, i suspect the time to pay the costs back for the increase in rent might be decades or longer. 

Where population growth is stagnant or falling, the current housing supply is sufficient so there is little increase in prices.

Increasing your construction budget by a small amount can have an enormous impact on your overall construction budget, productivity and site safety/insurance premiums.

what I would do to decide if brrr method is the way to go-Assess the cost of necessary updates and improvements and compare them to the potential increase in your home's value.

Albeit, when we building materials started to increase significantly, that complicated things and we had to just keep going.You will lose MORE if you sell a half-built property, than if you take it to completion.