Depreciation and the tax shields generated are distant third or fourth considerations and are unlikely to move the needle much so passive investors would be wise to pay less attention to them. 

That said, if you are out knocking on doors and/or are getting creative in your lead generation, then I'd say BRRRing can happen in any market. 

I know many folks who created generational wealth following the last recession.

I have college students as well and found they are actually very comfortable with self-service showings as a group since they're already born of the Lyft/AirBnB generation already.

The only updates to the property I have done is replaced the furnace, fridge, and dishwasher.Would it be best for me to use my heloc to add bedrooms to the basement or go the full legal suite route to generate more rental income from this property? 

The income approach uses the income generated from the property to calculate value.You might have to widen your parameters to dial in some comps. 

Whether we’re looking at properties, cold-calling, deploying new marketing tactics to generate leads, underwriting deals, or having the ability to watch the morning shows without rushing through our normal routines, one thing is certain.

No closing costs.Non owner occupied will be 20% and higher interest rate. 20k repair generates 250k in value.

Perhaps out of state where you're more likely to generate good cash flow. 

Look up and understand the 4 wealth generators of RE.