We bought a heavily vandalized home for $118,000 in 2015, then put another $100,000 in it.

Well the property was fire damaged heavily fire damaged basically a Class D the owner wanted 185K and stated that it would take 100K repair or more.

Today, almost no banks loan based on future equity, as their is too much risk for them if the project has a problem during construction, they will be heavily underwater if you default.

I would charge close to 1300 and heavily market it (zillow, redfin, posters). 

Everything else about Springfield is great and you get the opportunity to add a lot of value but just in my opinion the cons heavily outweigh the pros. 

In my 'perfect world' mind, I would be able to open that workbook and begin evaluating any given market because; a) First and foremost, it would be very user friendly b) It would be heavily automated through the use of formulas and/or macros that would provide easy to follow and understand prompts and solutions.c) Would be designed such that it would accept user entered data that, either as you went long or by the time you reached the end, you would receive flags of some sort that would provide a status of that market as a potential investment market (such as 'You're golden here!'

@Ian Livaich To add to @Ryan Short' comment though...this is also going to heavily depend on where you are investing.

As far as I have seen, in my area the HOA cost dips heavily into my cash flow when analyzing apartments.

All the properties I send and vet  have at least a 10% cap rate  and cash flow very heavily.

If they have scraped clean the yard, have them heavily seed it, at THEIR expense, and water.