Regardless, it's in rough shape and requires some structural upgrades, and a new roof in the near term. 

Well...the Dayton Dragons baseball team has the most consistent sold out games of any sporting team in North America (startling fact), Warped Wing opened a second location, and a half dozen other breweries are now open in the city...Boston Stoker coffee is totally awesome and has several new locations (this is important because it's a key indicator for the successful revitalization of many cities...beer-food-coffee is key)...there is a river front development that is reminiscent of Columbus (which was awarded best on the country), there is big inner-city revitalization...I saw a developer by the name of Simms pre-sell 24 $500k "Brownstone" townhouses in the center of downtown (unheard of in Dayton)...there are 30 renovation projects going on downtown...and they now have a full time staff on the streets to keep the city clean...the population is on the increase for the first time since 1964....I mean this is pretty superficial, but it's every bit as important as economic indicators...there is a lot more to this...There are still "war zones" in abundance in Dayton and it's the Opiate Overdose capital of the USA...but getting better rapidly...just proceed with caution if you elect to invest there...a local subject matter expert is a must!

I have lived here in Utah for the past 24 years and own a couple SFR in Davis County Utah and a commercial building in Bountiful. 

Now the tax assessments can vary widely, I’ve seen land value as low as 3% and as high as 65%!

A full review and a limited review. 

Keep in mind that we were in a market that was not normal and not sustainable we are just retreating back to a normal market were market time is normally 90 days for DOM .. that's been more normal.. its not normal to list a property and have 17 offers first day.. and along with that its the time of year it always slows down right about now.. the turn key folks I know though are still plowing through their inventory.. as investors are buying for cash flow and as long as the numbers work they pull the trigger.

I'd really like to try the Brrr Strategy, and a HELOC sound like a great way to go about accessing the cash needed for a purchase and refurbishing.  

With rent roll already 45/58 roll and a stable and growing job and market, why would you anticipate problems with high turnover?   

We purchased it for $110,000, put around $5000 in rehab into the property, and a month ago it appraised for $154,500!!!!

For tax purposes you are acquiring a personal residence(1 unit) and a rental property(2 units).