We'll have to put about $100-150K inside and out to make it beautiful (it's a Victorian), including some tenant buyouts (maybe even giving a tenant an FHA downpayment for their own first home!) 

Beautiful area. 

If you are doing a high end rehab or are staging a high end spec build I very highly recommend using some of their beautiful and well made products. 

Eggshell/off white/usually staying away from bold and beautiful.

I enjoyed taking the process of taking basically a gutted shell and transforming back to something beautiful. 

I lost on that house over 100k plus worked for free, the house was beautiful (949 Trellis St, Jordan MN)But I didn't give up and built a second house in 2007, 2000 sq. ft two story inside of the City, address 4238 20th Ave S, Minneapolis, MN.

.$650 a month for a 2 bedroom is definitely above market if the tenant is paying utilities (I get $650 each for an up/down duplex that has a 3rd bedroom in the basement and a 3rd potential bedroom upstairs and recently updated, beautiful property)... is this downtown? 

I knew then that I had what it takes to turn something that lacked beauty on the inside and out, into something the whole world would LOVE to see.

The rental market is a bit more challenging over there given the amount of meth etc. but the landscape around Clearlake is beautiful and increased influence from Napa/wine is more notable every year.

Which is good, I think you need to master something first and then branch out, but once you have, why not pick up another niche to be able to play the market at both ends, which I think you've done beautifully.