How does one find a "discounted property".

Most people just want someone to answer a call and immediately sell them a house at a discount.

The houses in this area are going for 350 plus 3 room and 2.5 bathroom with 1400 square feet

I would need to re-do the entire bathroom.

This space is used for a contractor to store his tools, and has a small office and bathroom. 

Everywhere I have traveled this year, New York, Paris etc Hotels are much cheaper than VRBO/AIRBnB and the experience and safety, location, quality of beds, bathroom fixtures are better at Hotels, but 5-10 years ago it was the opposite.

It used to be much easier to find properties that were discounted for condition.

We just closed on an all cash purchase via an SMLLC of a SFR at auction (at a healthy discount to market due to distress) that we intend to use as an investment property, and we're looking for guidance on the best strategies for pulling as much equity out of the deal as possible to roll into another property (identified but yet to be purchased).  

I budgeted about 45k in cash to renovate the master bathroom, kitchen, guest bathroom, and painting the interior.

I understand they serve as a benchmark when calculating the discount rate but I see people try to predict them on a 10-year basis which seems incredibly difficult for first-time investors and ultimately, we never know what they will be. - Adam