Long story short, I agree that real estate is an awesome class and while it's not for everyone, it should be properly included in comprehensive financial planning conversations. 

I'm looking at doing the same and was wondering where to find a comprehensive underwriting spreadsheet that includes using investor funds for an annual return then refinancing them out after remodel.

A side note, at $240/yr for insurance it doesn’t seem this would be a comprehensive policy that would cover liability (like if one of Your pipes breaks, toilet/tub overflows and does substantial damage to a lower unit) And replacement/repair of similar damages “from the walls in” for your unit.

It's beneficial for assessing ongoing performance and making decisions about selling or refinancing.Using both methods can offer a comprehensive analysis:Comparative Analysis: Comparing both Cap Rates can show how the property's performance has evolved, indicating changes in value or income efficiency.Decision-Making: It helps in making informed decisions about holding or selling the property and evaluating the impact of improvements made.In short, the purchase price gives insights into the initial investment return, while the current market value reflects the current and potential future performance of the property.

The reality is that if someone is willing to pay 10 X what the same home is worth in most other parts of the country you are dealing with too many people that either have too much money or no comprehension of the value of money.

For a lot of the "hotter neighborhoods" you are seeing initiatives both by the private and public sector which you can check out in the city's comprehensive plan

It's all in the comprehensive skip trace.I am blown away by how much information is in these reports.

@Andrew Postell Very truly, thank you for taking the time to pen a comprehensive response.  

My list isn't as comprehensive as Account Closed's, but I can tell you that Missouri (my state) is fairly land lord friendly, and in my view friendly enough as well as well-priced to be a great investment decision.In my town (Springfield, MO), a 2 bed house, liveable "as is", can be bought for $30K-$35K and rented between $550-$600. 

@Julien Jeannot, I completely agree that early investors get hung up on cap rates and that a more comprehensive analysis over time is so much more helpful.