And yes this is a 1 in 1000 situation but plenty of other disasters could happen and having the right insurance policy is huge to protecting down side risk. 

I'm holding onto this property for now because of appreciation and my low interest rate.I bought in 2023 on the East side of Indy, Class C $130,000 and $132,600.

Once that phase is complete, I’d transition back into long-term holds.As for the cash-out refi, without at least doubling the rent, I’d be in a net-negative position each month, which doesn’t seem like a worthwhile trade-off.On the tenant side, I agree with your point about the business aspect—it’s something I’m working on coming to terms with.

Should I look out side of JC?

Anywhere from $500 - $2500+ depending on the insert you install and whether you run the vent and exhaust up the old flu or cap the flu and vent/exhaust through the side of the house/chimney.If you hire out the entire job, expect to be in the $1K - $1200 range.

I would have personally waited a bit to list in the spring when things are hot and everyone is over-bidding. 

In the end my duplex - 2bed/2 bath on each side- stays fully booked mostly by construction workers and it's been working really well for me. 

I haven’t been on the seller side of this but have been on the buyer side a couple of times.And definitely have your attorney draft up the agreement so that you will be protected.

How should I calculate the ROI considering I really only put $40,000 in the deal with out of pocket cash and my 401k loan is like a hard money loan on the side?

We live on the opposite side of Canada for work right now relative to where this house/city is.