I don't think property here will go down because 1) in the last 30yrs, apart from a few years blips every once in a while, land values here, like all property, has continuedto increase, 2) it's still on everyone's top ten list despite the rain, and 3) the rules of our banking industry make it a very safe haven for international money (especially now with the exchange rate) and those investors are not in for the short term.You are in the very lucky position of being able to have your cake and eat it too - keep the property.  

Getting a hard money lender eats up all the profits and then some.

Personally, I can't eat the increased equity...so it doesn't count.  

At this rate, you would eat up your 401k in around 13 yrs and a bit (as per my rookie calculations).If you really want to do this, I would think a Roth 401k is a better option.

My understanding is that termites eat the wood but carpenter ants live in the wood.I have dealt with carpenter ants several times and it has never been a big deal.

Yes they mow, but they won't weed eat or spray grass killer along edges, and then they have excuses why the mower is broken and they have to skip a few weeks - it's annoying.  

Some are uncomfortable with it, some see it as a faster way to build net worth.You can explore refinancing, the higher value will help, but we have found that the fees eat up any benefits when the price point is that low.

The only really frivolous thing we do is eat out a lot.

Sometimes, something like a hairline crack in concrete or masonry may be a simple fix with very little cost, but some of the other issues you're listing can easily run into several thousand dollars and will really eat into (or wipe out) your profits. 

Taxes on this property if in Montgomery county would be aprox 1100 to 1400 a year, insurance would run 800 year  so you need to make sure there is not lots of deffered maintenance ,new heating system 3000 and new roof 6000, etc. you could eat up your cash flow quickly on these items.