Because I will be doing the rehab and garage is a clean slate, here are a few options I am considering:Convert it to a master suite, which will make the house a 4/2 with 1500sfConvert it to a studioConvert it to a 1/1 My goal at the moment is to maximize ARV for refi, but I am not sure how the appraiser will look at it.

On one hand it's a good news that there will be new opportunities coming to Memphis with the new Ford Electric Vehicle plant. 

@Howard ThomasMake sure to hire a qualified inspector to make sure the foundation, electric (not knob and tube), roof, and plumbing is in good condition.

These are all mass repetitive "Contained" environments.Now the next great investment will be Auto over the road trucks, Nano Cancer treatments, Nano crop pesticide reduction, Solar electric surface paint generation, Water pumping technology from the Mississippi River to California/Arizona (reverse Dam management(actually don't recommend this, will cause excess salination of the Gulf)), Certified Individualized Student learning platforms, etc. 

Clean the place up, bump it up to market rate, and be more deliberate when screening in the future.

Make sure you are accounting for all expenses, taxes, maintenance, HOA, cleaning, furnishing, etc, etc, etc.If it cash flows...it cash flows.  100% OPM is nuts.  

There's no eating at it, 'cause it's always covered, 'cause I'm always working, and even if I cleaned it off there'd be no room for more than one chair based on how it needs to be situated.  

They refused to clean the carpets and went on and started replacing all carpets in approximately 700sq ft living space.

Is another panel, or worse an upsize to your electrical service needed?

It basically is as it has a wood heater, running water, sewage drain, and electricity.