You’re talking about paying $1.6M, adding $100-200k in improvements to make it worth $1.9?

In that case, maybe... it is worth it, but probably not. 

I’ve updated some plumbing, new fixtures in all kitchens, about 60% of lighting fixtures, replaced windows on 2 floors, added new appliances on two floors, painted entirety of house last year.

Quote from @Katie Camargo: My experience they are not worth what they are used for on the claim.

Also worth considering are banks you have a prior relationship with.Also, I took a quick look at the HELOC loan originator you listed.

If so, is it worth the price?

It's about an extra $600 fee on the Limited 203k but well worth it for the info you receive. 

I have used  a couple non-remote accessible keypad locks on my personal residence but have not added them to tenanted properties.

Where have you placed ads?

You should be able to buy, value ad, Rent, and refinance and not have a penny into the deal.