Lots of variables, but I think out of the two Columbus would be more of a growing stable housing market given the demographic trends, job market and local regulations. 

You buy it based on its current cash flow.

Here was a breakdown of the work done: - Updated the kitchen- Updated (2) bathrooms- Took down / opened up walls to create an open floor concept - Added LVP flooring throughout- Added new paint and trim - Currently negotiating prices to update the roof What was the outcome?

Nationwide 45,000 current BFR in pipeline.

This is not an eviction, as we simply wouldn't renew their current lease. 

Right now, I’m currently working on raising funds for my first deal :) If you or anyone you know Is looking to invest with competitive terms, let me know!

Owing to the trend towards smaller,  more efficient appliances and LED lighting  electrical loads I think are somewhat less than they may have been per SF like in the 70's through 2000's when everybody had incandescent lighting and big tube TVs and refrigerators, dishwashers,  etc. that used 2 or 3x as much power as modern ones.I've had a couple turn-of-century units rewired to remove K&T and failed 'BX" (flexible steel sheathed  2 wire cable)  and agree with other posters the pricing isn't that bad as long as you can find an electrician that has some experience with that kind of work,   and sometimes it might be helpful to open up some cable routes ahead of time for them to use so they don't have to do the exploratory work.   

We have a single-family long-term rental in Port Charlotte that we'd like to keep the current mortgage rate, but we do have some equity we'd like to have access to. 

A good point - important to find lenders that are AirBnBRRRR / MTR friendly, especially in the current rate environment when its hard to cash flow on LTR leases 

Finally, in the event of default, as we work through the grace period we could get the deed recorded in our name before we sought a new buyer (if we couldn’t get the current buyer back on track).Obviously I’m getting the sense no one here’s a fan of skipping recording, I’m just wondering if these additional aspects change the calculus for you at all.