I'm sure that will come into factor as I own my homes throughout the years. 

I'm not exactly sure what this means but I think it means that your monthly principal and interest don't factor into the equation.

I'll be doing an extensive full gut remodel which will include an expansion of living space by doing a partial garage conversion making this 2 bed 2 bath SFH a 3 bed 3 bath SFH, adding about 300sq feet of living space.

Some examples include; market conditions; the location of the property; the demand for renting houses or apartments in that area among others.

As well, beware the inflated “average rent” stats in Padmapper because they include AirBnB listings...still good to use once u filter those out. 

The 38K includes, plumbing, electrical, water heater, and cosmetics.

It should be the $50k but there are a lot of factors

Here's my 2 deciding factors. 

This process of embarking on my real estate investing journey has been something I've been hashing out for several months, including visiting a local REIA that really turned me off, numerous networking meet-ups, etc, etc. 

IRS Pub 523 has a lot of additional info, and it lists "Where you spend the most time" as the most important factor in determining your principal residence.