Then I thought, why not see if I can unload it as-is to another rehabber for a quick profit?

I guess the question is, are seasoned investors slowing down with purchasing and unloading their equity filled properties now?

I just sold one of my last Timber Farms  700 aces... to Stimsom lumber for a multi 7 figure exit on a 500k purchase in 2002. 

Its easier to find a 50k to 75k property that rents for 1000 to 1500 a month, than a 200k property that rents for 4000 a month.As far as why somebody would unload a property for 30% discount!

I plan on putting each unit on its own water, and having the tenants pay that to unload some of the burden.

You could add LED lighting installed hidden away under the cabinets, this provides a great look, extra light for working in the kitchen and adds value at a low cost.If you're looking for new flooring, possibly look into buying bamboo floors as they're popular currently and thus are often over stocked and can be bought from a company like lumber liquidator for around 1/ per sqft.This sink fixture is often the only thing needed for the sink to look new, getting one with a hands free feature would be an added cost item.Another low cost-high reward option would be replacing the counter top and repaint the counters and cabinets. 

There's no reason to keep it unless you can't cover the debt with the proceeds, but you are only going to get 75% of the ARV on a refi, so if it's worth $140k (and @George P. is correct on the value), you will only get $105k on the Refie (minus fees/costs), so you wouldn't have enough to pay off the debt to begin with.It's always better to unload a losing deal before the additional future losses do too much damage.  

@Jim Celmer is will probably cost you between $100 per sq st to $120 per sq st to build anything and that is assuming you can find the lumber, no thanks to Hurricane Irma and  Harvey. 

He held up an article from a Chinese newspaper that mentioned China unloading $3.1M of US treasuries.

The price of lumber is roughly 3x what it was only 5-10 years ago...