I would spend some time figuring out what your goals are, what exactly you're trying to achieve and what tools would help you.

The whole Midwest is not a dying rust belt town.

Perhaps you can give up some equity and JV with someone instead of losing the whole thing.

Once upon a time when we had saved up  a down payment for a car in cash the finance guy had a whole procedure for taking the cash, sticking it in an envelope, writing info on it, then turning it in to someone. 

One unit went for $44K all fixed up with granite and the whole bit. 

A plan is a series of steps designed to achieve a specific goal, or set of goals. 

That poor guy is going to be a lawyer his whole life, while your out there taking educated risk, and making it big time.

I like immersing myself into new opportunities and I dedicate myself to achieving my goals.  

We have achieved our projected return on each of our rehabs. 

In other words, before going through the whole refinance song and dance, can I just capitalize the increase in NOI by the same rate used by the original appraiser to get a pretty close estimate of value OR are there other factors that could dictate the cap used by the refinance appraisal?