For an unrenovated 1+Den/1BA LTR in our section of Northeast though, $1,300-1,400/month is certainly in the ballpark of what I could comfortably get with some very minor improvements to the space between tenants.So all that being said, I think your target of $1,500-1,600/month for your 2BR units would be more than doable. 

Improve the grade if water flows toward or pools near the house.

It even details how proposed improvements by buyers is handled, if have to request from seller, at what $ level, it get's deep into every detail. 

Additionally, considering the time value of money is crucial, as deferred gains and tax efficiencies may improve long-term returns despite upfront losses being largely on paper.

Would my previous industry experience (property management, acquisitions, asset management, Realtor) improve my chances of qualifying for a DSCR loan?

For example, if the listing is selling for 200% of the last purchase of two years ago with no improvements, etc.?

I would make one distinction and that’s between an expense and a capital improvement. 

Here are the playersMe - OwnerOG Developer - Original Developer that improved property before I purchasedNew Developer - New Developer currently building a new subdivisionWater District - Own the vacant land that my sewer line runs acrossCity - Well, The cityTimeline:2007 - OG developer purchases large 1 acre lot with an existing house with the intent to subdivide and create a small PUD.2008 - Improvements are made (new street, sewerlines, storm, power, water) are brought into the subdivision. 

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

US Treasuries will not see their credit rating improve, and will, within the next 12-24 months get another (small) downgrade, inching up treasury yields.