@Evelina KhaimovaBelieve it or not, it might actually be more profitable for you to purchase a BRRRR in a neighborhood that does not have the best schools but is likely to improve in the near future.

Also, be on site to talk through all the renovations, and have a printed list of the improvements you performed.  

You can try to influence it by improving your unit(s) on the edge of a higher priced area and catch some overflow, but that's very hard to do in the middle of an area.2) HOA's typically only take care of external maintenance.

Do a cash-out refinance on the original mortgage after improvements 3.

New buildings may requires those improvements, and rehabbing may require installation but otherwise older buildings can remain as is.

How much did you invest into the house improvement-wise?

You might get the rating improved, maybe even to the point that flood insurance is not required.- Pay to raise the house up on pilings. 

A lot of businesses are having a hard time these days and over the past year and doesn't seem like that is likely to improve so best to look down the road and plan and see if they are still good investments.  

Price has to be right to allow for the updating, and then 203K helps you buy the house and fund the improvements. 

@Phat Dao, most improvements you hire a contractor for LOSE money and a garage is probably one of the worst tbh.