This is typically a private company or individual that will lend out their money to someone purely based on the value of the property. 

Things that are purely cosmetic we rarely do unless something needed attention anyway.

Our goal was pure cash flow in what we through was a laterally moving market, so that “appreciation” was unexpected.  

I've come to a point where I have a sizable amount of savings and I'd like to get more involved in a more tangible investment (not purely stock market).

However this is the better area, closer to H Street and should be high demand.Numbers makes sense on both,   key issue is that a condo may not appreciate well even in a desired area.This is not a pure cash flow investment,  more like long term play for appreciation as long as rent covers expense I am okay with it.

My wife and I are renting while she is in school so if we purchase a pure investment property I am still paying down somebody's mortgage and not my own... 

If i'm going to househack, it's purely out of convenience & hacking is not a big part of my "which house do I buy" decision.

That would purely be a means to have the IRA invest in real estate or the like. 

The rest of the renovations are purely cosmetic e.g. patching holes and painting. 

If you do not have time to do the basic research, you are playing roulette pure and simple (but not getting free drinks as you would in a casino)