You’ll also need to make a call on how much incremental appreciation you expect to have, versus capturing the gain today.

Decent houses I focus on equity capture.

I am trying to track down something similar, capture the difference between sale price and appraised value to use towards downpayment. 

When calculating my PM budget I use 6% for NB as this will capture placement fees and HST.

Think about this almost as a "cooking recipe" If you needed a specific cake baked and you purchased a recipe for it (i.e. the approved building plans): then you would interview 3 different chefs that would have a license and therefore have the "know how" and experience to make it and they would have to understand every item to bid on it.

I would love if someone else chimed in here because I'm only like 70% sure of what I just said, but long story short: The BRRRR method is powerful because it re-captures the equity that you have in a newly renovated property.

Unfortunately, there will always be a quantitative gut-level emotional decision made that you can't capture with numbers and data alone.  

Obviously this is decision is based on what you and your family are willing to commit to.Another option if you and your wife are ok with staying in the condo is refinancing and using that re-captured cash to purchase a multi family rental property.

The methods for capturing sellers are wide.

Work with a savvy CPA to ensure you're capturing any and all tax benefits associated with rentals, like deducting any improvements and repairs on the property (not quite available to you as owner-occupant).