*I know the markets really well even better than some local agents.

I've narrowed down the best return for my money in this market to a 2 bed/2 bath (with top tier amenities) - about 500 total 2/2 listings.I'm finding myself a bit stuck when analyzing why certain properties are making so much higher than the average listings when they seem to have very similar locations, amenities, style, flow of home, beds/# of people they sleep, reviews, number of reviews, etc.

It feels a little feminine to me, which is fine if you are going after that market segment. 

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

You would really want to do your own due diligence and probably fly to the market(s) you'd like to invest in.

How do I access a portion of that equity to fund the purchase of 1-2 more MFR properties in more affordable markets like OH, IN, MI, PA, TN, or AL?

I would connect with a local PM who has connections with the HUD programs so you can get the most accurate information and guidance in your market. 

Attractive digital marketing fliers, 3d tours, professional tours, rent specials, and competitive pricing all help too!

You should start with a focus on a 2 unit multifamily property in a market that you can afford to get into. 

How would you research a potential market?