If I find one deal a year that I make more than the annual price tag of the license AND/ONLY because I have a license/MLS access, I can assess the value, walkthrough the property and submit an offer ahead of my competition, is that really a con? 

I have a number of times had tenants with bills unpaid at the end and the electric company will turn  on in a new name or with competition in rhode island I think they can just use another company. 

MLS listings have been an abysmal failure for me so far.That brings me to my next point - the competition for MLS listings is so incredible (and I'm not even in that big of a city) that I don't see how anyone can purchase a house this way.

Depends on how your competition handles it.

Not good times for AC, the city has to do something to separate itself from the competition because at the rate it's going it will be a shell, see Detroit. 

But I look at my own father as competition, so I've been backing off.I'm going to be honest with you.

It's super competitive.

I want to be your friendly competition and it looks like I have a lot of catching up to do!

Your choice to remodel or not will depend on what your target market and what your competition is doing. 

Trustee sales in your market are very competitive..