The map suggests that there are no issues with the location either (train tracks, air strips, busy roads, etc).Conventional wisdom says that leaves three possibilities:1.

Property tax & HOA are pretty high, Loudoun County charges 1.285% per $100 in tax.

When you get more experience the investors feel more comfortable and charge less points and lower interest rates.

If you have used HML you have to wait 6 month for conventional loan.

None of the money you put into the rehab can come out.If you are getting a significant bump in value and want to do a cash-out refi, then you need 6 month seasoning for conventional loan, or 3 month for a portfolio loan.

Normally for clients, we would charge about 5k to research allow uses, and come up with a site plan/building concepts that would maximize your investment.

@Bob Moban You can use k1 income for qualification of conventional loan.

FYI there was as transaction fee charged by auction.com of 1k and we closed in 60 days.

I can recommend a couple credit unions in NC that would be good to use, one of which doesn't charge closing costs. 

And if I remember correctly, you are being charged income tax on rental from other state too.