I plan to improve and stabilize it, increase rents, get some cash flow, then sell for a little profit in a year or so if the market supports it

I wouldn't add a driveway just for refi or even to sell.I am not sure the cost will justify the increase in valuation and I am pretty sure you won't getter significantly higher rent because of driveway.

The reason that I (and a lot of others) feel comfortable with increased competition within the tenant base is the expansion trajectory of the college.

Might want to see if there is a cap to the increases.

Also, to make things more confusing, insurers have a base dwelling coverage, and an optional increase (of about 25%) that it can go up to..  

I was recently denied a credit line increase.I recently got an unsolicited credit line increase on a store card. 

It helps achieve privacy and avoids probate in the end.

I know increasing offer price helps of course.

The numbers seem to work except you didn’t budget probable increase in property tax after reno.

I am looking to renew the leases and increase the rents to market value.