But most investors are looking to rent out the property to cover at least these expenses and cash flow on top of this.

Rent Out Their Home: Prepare your parents' home for the rental market to generate income.2.

There are plethora of landlord platforms that force you to use their own 3rd party banks to deposit rent and charge $2.5-$5 per transaction to directly ACH into bank of your choice (ex: I love Chase Bank).

You'll rent in € and your mortgage payments would be in €.

The first question would be if there is value to be added (as it seems like your property is already updated and you've given good amenities) - are there comparables that are collecting higher rent and if so what are they doing differently?

Income should be at least 2x the rent 6.

Overall, I believe it does have the  chance to push property values as well as rents northbound.

Keep an eye on what’s up for sale, what’s being sold, and rent patterns, and tweak your plans as needed.

Seems like you buy a $250,000 house, put $50,000 into it and end up with a $300,000 house ready to rent, but tough to value add. 

If you'll be living in the house and renting it from your parents that is fine for a 1031 replacement (make sure it's an arms length transaction of course).