Yes, it might take some more resources to fund the renovation... but flips can be really powerful.  

Painting, carpentry, finish work, punch, HVAC, electrical/plumbing, landscaping, cleaning, etc.

If you are not familiar with bonus depreciation, do yourself a favor and spend a few hours reading up on the power of that strategy.  

Home owners have installed new sub floor, new electrical, PEX water lines.

@Justin G. you’ve mentioned ways to increase income, which i agree are very powerful, but another often overlooked aspect is decreasing expenses which also contributes to an increased NOI.

One of the hardest parts of the whole process, besides not having power in below freezing temperatures for 3 days, has been choosing to sell or hold and rent this delectable piece of real-estate.

Yes,  doing systems work and stuff beyond paint/floors/trim sort of cosmetics can get expensive fast,  but so can a roof or plumbing leak or electrical fire.   

All electrical outlets and switches were modernized as well.

Improved all lighting and electrical in the house.

A power pole is about 2-3 feet or so behind the top, and I think the septic tank is 10 ish feet behind that.