Well if comps are around $245k then you need to estimate how much the remodel work will cost, add 25% to that number and subtract it from $245k. 

Personally I would not pay 100k + remodeling cost for up to $1400 a month in rent.

They may be more experienced and can walk into a property and assess what the remodel will take. 

My PITI is going to be $1000 a month, this property has been fairly remodeled the last 4 years new water heater, updated plumbing/ electrical new flooring throughout and recently painted and a little yard work done.

Since 2013 I lived in the house restoring the original hardwood floors, windows and doors, remodeling the bathrooms and kitchen.

I would need to fund the remodel using money from the refi, but I could possibly pay for a portion of it out of my savings and fund the rest after the work is complete as the contractor is a family member.

I lived in a camper for almost 2 years at very low cost, which allowed me to pay off a mortgage on a rental, then I remodeled it and sold it, which really supercharged my next investment.

They all require a fairly extensive remodel.

In 1996 my wife purchased a house using an FHA loan, in 2002 she sold the house after doing a live-in remodel and walked away with $101,000 after all costs.  

If sales for top-dollar move-in ready remodels and new builds start slow this year, it could begin triggering market activity that will benefit investors.