So this is a calculated gamble, if you think the market is going to continue to grow over the next 3 years, then even if you cashflow 0, the appreciation would be tremendous. 

You can also ask the owners for this, or get it from apartments.com, Zillow, etc.Next, it’s also important that you get correct estimations of the rehab cost, and the most authentic figures about rehab can be received from the contractors.

A casino doesn't gamble, the individual player is gambling but the House isn't gambling. 

Even if you get some recommendations, you will need to gamble so much capital on a speculative investment.

If so (and that's a gamble, of course), how many years would it take for you to recover the lost equity and additional expenditure? 

Which is always a gamble and risk.

Subject to" is a gamble for both you and your Seller, but mostly for your Seller. 

Sorry i meant MLS, GA uses FMLS as one of the multiple listing services.. but anyways wholesale sounds like gambling... !!

The thought is I could keep the same good tenant instead of gambling on an unknown tenant, the tenant gets continuity to their business instead of finding a new place for likely similar rent, and I get to increase my NOI for sale or refinance purposes.

Personally I lived in Seattle now Hawaii and I saw the light... need cashflow to eat (although i do admit that appreciation will make you rich)It could appreciate but I consider that gambling.