I'm assuming you at least ran the numbers in the BP calculator and are comfortable with the COC return and IRR. 

Obviously the goal is to maximize the refinance amount, so what are some improvements people like to make to increase the value of the home?

Is that something you feel comfortable doing? 

I would then come down and look at those areas in person and see if you feel comfortable investing in those areas.

There is an opportunity to raise the rent to 2300 but alas I think it's just too late in the game and too many unknowns to make me comfortable with that property long term.

@Brandon P. check out Metro Detroit.It's really going to depend on Class of property you want and cashflow.Generally, the higher the Class of property, the lower your cashflow.On the other hand, most investors forget that the lower the Class of the property, the higher the corresponding risk.You should figure out what you're comfortable with versus going with someone else's opinion!

@Sean Andersenyou need to be able to feel comfortable discussing these questions with your realtor.  

Having a good understanding of how your current properties should/could be performing if income is maximized, will help you decide what is the best use of your time/money. 

The ultimate goal is to become financially free through this but I also want to learn and understand and make intelligent choices so I can maximize the returns. 

Don't rush into any contract you aren't 100% comfortable with!