Today, I called a popular bank to inquire about rates and terms.

We bought a few years ago at $125k and value is now around $200k it is a very popular location.  

It is a good market but you have to be discerning because of the popularity prices are driving even higher with more investors competing for the same property.

@Michael Henry I agree, overall, real estate is a very popular and overpriced investment strategy right now.

The legislation to date has allowed rental IF the host lives in the property, or the lease is for a minimum amount of time (three months) seems to be a popular number).While it’s usually doable for a host who does live in the property to rent his abode even when he won’t be there, the restrictive regulations clearly place the professional host (in these cities) on the wrong side of the law.

If you have cash or funding for the renovation, what @Ronald Starusnak mentioned is a great idea as well and popular in our area.

The reasons for a house in good condition to sell to a cash buyer with room to flip could be:   relocation, got a job out of state and need to move and start immediately, divorce,  mortgage is in default, tax liens...One that is becoming more and more popular is "Don't deal with the stress and hassle of a traditional sell"  sellers will sell their home for less because of the convenience. 

@Jerry Jackson onsite auctions are more popular in some areas than others.

Here's a pretty popular book for estimating quantities and construction costs though.http://gen.lib.rus.ec/book/index.php?

Contrary to popular belief, this is not set because I believe it will give me a higher return.