I think you're a little conservative in your reserves if it's a newly remodeled property, which is good.

After completing a 3 year DIY whole home remodel, in 2017, I turned a 30k personal loan (initially a 20k, but we ran low and refinanced it to a 30) into 115k sweat equity. 

(loan against my dot/note)$50,000 1st position deed of trust/note (only lien on title)Secured by $450,000+ newly remodeled property with clean titleNo interest rate, past balloon date so can be called due at any time (was placed as interest in home)Property is titled to an LLC so homestead exemption wouldn't apply in event needed to forecloseLooking for a short-term loan using the note and deed of trust as collateral. 

If your property is in Chicago, the city may make you put those squatters in a hotel while they make you remodel the attic up to code, and then let them move back in and penalize you by giving them a year of rent free!!!

My boss just sold his house in Denver that was completely remodeled, 3bd, 2b, 1 car garage, for over $420K!

I am currently a remodeling it and need to get a loan to complete.  

We had a flood happen to one of our rentals and had to completely remodel it.

Then you can blame the lease when something unexpected happens.The lease/rents will be based on a portion of common area expenses, like the property insurance and taxes, the occasional re-seal the parking lot, seasonal sidewalk clean-up and roof maintenance; plus the upkeep of the tenant's space - spell out who will maintain the furnace and who will pay the plumber when the toilet backs up?

First though, we'd like to up the value of the house by remodeling the kitchen and bathrooms, also replacing the carpet and vinyl floors for hardwood.

My potential tenants usually have bad credit, work minimum jobs or cash jobs and don't meet the income requirement but will complain about the unit not having an island, or no central air/garage, or a neon green bath tub (everything else was remodeled).