I found a foreclosure listed for auction at $800K but worth $1.5-$1.8M. 

Is there a lien recorded on the property?

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

It is hard to think about giving up an "asset" that is worth $1.15 mil and at the low end would be expected to grow at 5% per year (house worth ~1.7 mil by 2035), even if I incurred ~$50K worth of costs over 10 years. 

The promissory note and personal guaranty are private documents that don't get recorded.

Most people do not realize when someone liens a property its just a lien, but to collect on it they must file a lawsuit to collect that money which will cost them 5x more than what its worth. 

Given these factors, is it worth losing some cash flow by refinancing to a conventional loan, or should I explore other options?

I'm originally from Western PA as well (Slippery Rock) and now reside in Atlanta.Here is how I am looking at it along with the assumptions I am making:1) I think the growth prospects are better in the Atlanta market than Pittsburgh from a pure demographics standpoint.2) I estimate your return on equity at 7.2% currently3) Over the long haul appreciation is going to take you further when it comes to net worth than cashflow will4) Doubling of the roofs is doubling the expensesThings to consider:1) What is the year built of your Atlanta property vs. what you could replace it with in PGH?

That’s the real measure of whether it’s worth it.

I recommend AirDNA subscription for picking and evaluating both markets and individual properties, a little pricy, but if you are taking the investing seriously and with a long-time horizon, definitely worth it in my opinion