Close proximity to my personal home in a desirable neighborhood w/ supply shortage.

I have no desire to give this job to a bad contractor who does an inadequate job, so in my head I figured it's best to just stay the course.

Do it under an LLC, trade in your car and depreciate the new one to cover some of the earnings.

For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could start your search here: https://www.biggerpockets.com/search/users

Of course, you'll have to figure out the appropriate rent increases for renovated and non-renovated units, but I think that may be a more feasible plan in a year timeframe and get you similar financial results you may be desiring. 

It looks like you've been in contact with the seller and may have a gauge on their true desire to sell, which can help you determine whether the $600 for an appraisal is money wasted or a worthwhile risk.My supposition is the appraisal will come in higher than your offer, which will likely embolden the seller to stick to the appraised value or higher.

Homes that appreciate faster, do so because they are more desirable. 

You still have to make us earn the right for you to trust us.  

Typically, if you are earning a commission, you need to run it through your brokerage.

The only thing I am cautioning you on is your desire to get in sooner than later.