Personally, I believe a higher end renovation will attract better tenants, they stay longer and you can generally push the rents a little higher.

But that’s rolled into vacancy.

Love your ambition and I hope you figure this out, keep pushing forward and focus on progress not perfection! 

If it's strong enough, it will help you push through the obstacles. 

Just asking Q's so you are going in eyes open.Nick has a great point... with buying you can choose to push values quickly through repairs rather having an extended timeline.  

Usually during the appraisal process the appraiser will ask for a rent roll for the property and then compare it to local market rents, too.

@Matthew Bruce BaileyI don't know what contracts are like in Kentucky or what the custom is there, but when we're writing contracts for Colorado Springs and Denver investment properties, we always ask for copies of signed leases, rent rolls and income statements for five previous years. 

This means a whole different set of criteria, which in turn will dictate both the market and the strategy used to execute each step.I know ahead of time what that "list" will be since the plan is designed (and tested) before I push the start button, but exactly what that list is, I can't say...until I design the next plan.

But now I'm considering selling it and rolling into a larger rental property through a 1031 exchange.

But start and continue networking with other professionals, learn how to analyze deals, and keep pushing.