For example: a top school district and in demand area like Lee's Summit or Blue Springs, etc.

By operating in a specified range, the fee is essentially the same across the board. 

Expect the tenant to claim maintenance issue so have proof of maintenance reports and repairs done.Being prepared with documented proof of everything is essential, he said/she said does not work.

Once the work is completed, I wait 6 months to a year to go to a bank for refinancing to take $40-$50K of equity out of the house and then essentially repeat that process.

Great area that is undergoing big development nearby called the River District which includes a high end apartment complex and restaurants. 3/1 recent remodel (nothing too high end) got me $1200/mo with great renters.

Tim, this looks like a good deal on paper, but I wouldn't consider it turn key, since you are essentially buying it pre-rehab and paying for the rehab (ahead of time).  

It's in ye ol' alma matter's school district.

Since I'm an investor, I'm looking for a value-add 3-bedroom house to buy (in said good school district).  

But you're right, essentially, we're all investors and it sounds like a matter of personal preference. 

Because of the school district we are in and the 4+ bedrooms in the house I am assuming a family will be purchasing our house.