Seller raised rents to this amount as he made improvements mentioned in original post.

We don't flip here in California as out prop 13 penalizes people trading often we pay $15,000 less in property taxes as an identical building sold next door 5 months ago. all improvements are an expense at this point but appreciation has over $1,000 per day on just one property.

You get the best bang for your buck on SFHs - because of the potential to add square footage, make major improvements, add a bedroom, etc. 

Or do I have to improve the property to up its value like the BRRRR method?

Hi everyone, I've traditionally stuck to long term buy and holds that have required limited repairs/ improvements and have not gone through the refi process as yet.

It is also possible to structure an Improvement 1031 Exchange whereby your Qualified Intermediary (exchange company) acquires and holds or "parks" legal title to your new replacement property so that you have the rest of your 180 calendar day exchange period to use any remaining funds in your 1031 Exchange to complete improvements as part of your 1031 Exchange. 

All of these details add up to improve the bottom line. 

Having said that, there is a loan program/approval process that can improve your chances that I just learned about yesterday.

Trying to navigate BP for useful tools/calculators while I improve my own accounting. 

The biggest improvement in terms of cash flow was adding the storage units on the "free" parcels this property came with.