Specific home improvements that are more expensive such as home extensions, new landscaping/pool, and backyard upgrades should be looked at as long-term projects that will help you get more value when you are ready to exit.

Are you looking to cash flow or improve tenants/rent and then resell? 

I am having trouble understanding how to appropriately evaluate the property's value - is it based on the current "market" value, the 2020 tax assessment value of land and improvements, or from a bank appraiser who would be used during the purchasing process?

Inventory is at .8 months last time I checked.  

They can help identify good neighborhoods from bad, identify potential problems the property may have(such as neighborhoods that may have subsidence issues), identify improving areas, and have a list of competent contractors and inspectors.

Based on the market and the improvements I would bet the property has increased significantly in value. 

As I’m sure you now know, you should have released the money in draws After you had phases of the rehab inspected, so you knew your money was being used to improve the asset you had as collateral.

We will be making improvements to the property, and are using our in-house property management arm.

We're experiencing the lowest inventory on record in Columbus, with extreme competition for anything that looks like a house.

They have a large inventory.