I'd call this slumming, which is a LOT of work with questionable rewards, as we've already seen.

I will say that you should understand the risks and the potential rewards and make an educated decision.RISKSHELOC will use your home as collateral for credit. 

Buying in a day can be a very exciting, fun, rewarding and profitable activity.

@Nitit ChartuprayoonIf your property is barely breaking even, dumping 60k into a house in hopes of it appreciating sounds like a lot of risk for little reward. 

I painted, tore out carpet, and refinished the charming wood floors underneath.

This deal has a huge number of structural problems and the risk/reward ratio is not even remotely healthy.I think the only way you can do this deal is to do a Master Lease with Option on it.

I'm aware there are risks involved, but they can be mitigated/minimized, and the reward is definitely there. 

Do I think there’s a reasonable chance, yes, and in that case patience will be rewarded. 

Any time you can increase rents, you will be handsomely rewarded.  

Risk/Reward/Opportunity.Good Luck!