The property was in bad shape and we had to get an extra inspection to get the deal done but it's possible.

That is a gap of $41.67/month extra you could be getting if you went back on the market.If it were me, I would compromise and raise rent to $1,213/month or some random number under $1,300 to look like you did some mathematically formula that makes sense. 

It would also mean that what we purchase would be free and clear.Our rental apartment is paid for and provides $900.00 per month net cash flow after HOA and insurance.I feel our next investment will define our ability or our inability to further invest in the future.If I refinance the 200k will cost me around $900.00 extra per month.

So if you have $200k in stocks and otherwise, they'd divide that over 10 years, and give you credit for an extra $1666/month in income.

Analyzing this property a few ways: flip, STR, LTR...open to BRRRRThe linked report is to renovate the existing floorplan without the changes to the floorplan.Fast facts:1600 sq ftCurrently a 3Bed/1Bath; 1 bed and bath downstairs, 2 beds and 1 extra community area upstairsOriginally a 3Bed/0Bath; eventually someone added bathroom, laundry room, and mudroom (all downstairs; addition is vinyl-sided exterior)Full reno neededSpecifically interested in feedback on any of these points:Did I miss anything?

If not, you may want to pay the extra premium and get Replacement Cost.Property Characteristic Example - If you have a finished lower level, Back-up of Sewer for $50 probably make sense.  

I've had tenants who were there instead of me and others where I insisted on being there as the current tenants tried to get the repair person to do extra.

You deserve a premium is all. 

I fully believe that if you spend a few extra dollars on perks and upgrades, the unit will rent faster. 

Ask if you could do a Master lease where you rent it below market rents and rerent it for $200 or $300 more and you mange the property and pocket the extra rent.