Upon improving, it should rent for $1350+ when we decide to move out without much challenge based on current tenant and neighborhood rates (always a slight speculation).I'm hopeful that this property will be the beginning of my real estate investing journey. 

A lot of this is speculative of course but make educated guesses and if after all that you still have significant cash flow then start looking at you options for refinancing and see if there are good rates available, and terms available (it is possible your current loan is better than anything you can get now that you have it as a rental and since rates have trended upward)  In the end this is a numbers game. 

I don't speculate for appreciation, I'm not gonna do the opposite either.

If your goal is appreciation and equity then a market like Denver might be better but keep in mind you don't control appreciation and you're really speculating.

However, this is more commonly known as speculating.

I fully agree with Charles' stance on investing, his aversion to fix-and-flip deals (speculation), and his emphasis on holding rentals for the long term.

But don't speculate unless you are dead sure that the trend is up, up, and up.

Originally instituted to prevent land speculation by ski resorts, it is applicable for the first 7 years of ownership.

If there is no way to get a value then you are now speculating on the ARV.

@Kenny Lee  this is all pure speculation of course since we are not on the front lines.but I have sold many a house on contract and the buyer still called his payment rent.. and called me to fix things after he moved in..