Meaning, if it improved $50k in value but took $100k to get there, is that worth it?  

Like everyone else in this thread has said, your construction background will be invaluable!

Contact @Eric Veronica as he can do mortgages on investment properties under 100K in value. 

I am long hold on this property , in an area where I believe it will really gain in value (this is the icing on the cake ;-)What are your thoughts on a unit that has slightly lower cash flow and COC return, but solid IRR?

Are you wanting to buy something that could double in value or more in a 5 year window? 

If your home has appreciated in value you can sell it and not have to pay income tax on the profits, BUT only if you lived in it 2 of the previous 5 years:https://www.irs.gov/taxtopics/...So, if you rent it out for a few years you will lose this opportunity to avoid paying the tax man.If you decide to rent it, be sure you want to do it for a long time and be sure you want to be a landlord in general because otherwise you may regret giving up that opportunity to avoid paying income tax on the sale.

Today (5/17), the National Association of Home Builders releases its NAHB/Wells Fargo “Housing Market Index” for May, followed by the Census Bureau’s new residential construction data (including “Housing Starts”) for May on Tuesday (5/18).

It's difficult to know it's accuracy but it is data so that's a start! 

So, lets say you have $100k loan/principal, and you are going to cash-out refi to a $120k loan because the house has increased in value / appraisal. 

The one I was hardly interested in at all from the sheet data and a site visit, but the 2nd was this property that had been newly renovated and the investor was eager to cash out and move to another project.