Part of the attraction to me is that this property appears to need extremely minor upgrades that will be done prior to purchase.

With that being said even if we were able to find an attractive refinance opportunity, would it even be worth it when factoring in all the fees associated with converting it?

I was wondering if giving not exactly 10 but something on the high side would attract someone to invest with me:)

You're not going to get an attractive 30y amortization loan if you're using multiple properties as collateral.  

In three years it could pay for a new furnace.Landlords that charge market rate, or close to it, have money to maintain their property, which attracts better tenants that pay more and stay longer, which produces more money to maintain the property...and so on.You can't afford a vacancy?

Fix and flips/holds are in areas that people aren't looking, yet have the important properties to attract population, industries, etc. 

The cheap homes look good on paper, but cost a lot more as they often attract less desirable/more problematic tenants.

If you can attract a lot of interest, you could even price it low knowing you'll get multiple offers and be able to get them to bid it up. 

Like Robert Kiyosaki's "Rich dad" buying up parts of Waikiki beach before it became a major tourist attraction.

The city offers a strong rental market and with affordability as well as a median home price below the national average, the city stands out as an attractive option.