Remember that every 10k increase in NOI, you're getting an extra $125k in property value (using 8% CAP rate) which can be extracted through a later loan.Have you run the numbers without the inhouse manager?  

Or is the initial purchase bank usually willing to do the refinance once rehab is done?

Usually a cash only deal.

Smoke damage and mold issues and electric meter monkeying/diverting (with huge fines from your utility) will knock any extra monthly you got out quickly.   

I agree with Dooreuhn, it is usually better to make peace, if they want something fixed say you are working on it but will not if they are not current with the rent.

Feel free to contact me with any questions at Nine one too six 55 six six 33 or curtisb1968 at Gmail.com Also the local Real Estate Investor Alliance (REIA) meeting meets every second Monday of the month at 6:30pm usually at the Hilton Garden Inn in Midtown 5711 Abercorn St, Savannah, GA 31405. 

The interior paneling was usually a  3/16 inch photo finished veneer very light weight and the exterior siding was aluminum which was also very lightweight.

Usually no more than the allowed 43-45% back end ratio.

They are usually worth every penny they charge.  

@Michael Newman,I use these sources:current T12 & rent roll (if available)comparable rents from broker's OM packagecomparable rents from neighboring properties (MLS, rentometer.com, umovefree.com, calling to the property)expenses provided by management companies that have similar properties under managementexpenses (ranges) from NAA survey - usually outdated but give a 10000 ft picture and helps establishing some baselines.