RE is cyclic and dynamic. 

I’ve been told that you can’t always cash-out refi condos due to make-up/dynamics of the condo complex (owner-renter ratio, etc).I figure you could always sell if the refi doesn’t work out...

You are hitting it on the head - it is DIFFICULT to visualize this stuff.

Visually, looks great!

There is no general rule of thumb because everything is driven by market dynamics and competition.

Don't get me wrong, I am not saying you cannot increase the rent, I am skeptical about 49K number, to get there you need full occupancy and higher rent.I lived on 27th for years, and I know tenant type changes around 25th and lower which could cause higher turnover and vacancy.However I am not sure how  Clavel's popularity or R house or Parts and Labor changed the dynamics, I might need to update my info on it :D))I sent you a DM, you can ask me anything if you have questions.Good Luck!!!

I think you'll really enjoy teaching in such a dynamic school. 

Many of the neighborhoods still have the visual appeal and are nice communities to live in. 

This will help those in an "bad" area get a better appraisal for their homes because they took better care of them than their neighbors who maintained the visual things, but not the problem areas.The same thing can be said in reverse for the "better" areas as they often seem to be oblivious to "unseen" problems.

I think I can make this work, but I must admit that 5 bedrooms is a little out of my comfort zone and I fear I might not understand the dynamics well enough to analyze the deal.