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And in any event, because multi-family data is found in less quantity and quality than would be ideal (far from it in your case) an appraisal of such properties will always be weak.Here is my advice for the future - ignore almost everything in the appraisal with exception to two things.

I rented it out several years ago - I can keep it rented, although quality can be an issue at the beach.#3) Land in same place as #2. 

250k equity implies an outstanding balance of 600k. 

That quality of life has demographers estimating another 1 million people will live in the metro area by 2040.

You need to talk to other investors in the area to get a feel for the quality of the property managers.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

For term-based work (construction, renovations, additions, etc.) set completion dates, paid milestones, and if you can afford it, bonuses awarded for completing work ahead of schedule (with specific wording to make sure they complete work up to code, quality, etc.)3.)

Otherwise, vet your contractor based on their quality of work and management skills and live with the results.

Are they over-rehabbing - putting in above-standard quality items that will never generate a proportionate increase in value?