We had a discussion with her about this in July of this year and spent 4 hours pulling weeds and correcting the issue then.  

@Tim LaBelle You are correct, we are not quite as agressive as most of the costal cities, but like Rebecca said the North Shore is one of the most desirable neighborhoods in Milwaukee, properties in good condition go fairly fast, typically in days and we have seen some solid appreciation in the last years.

@Ned Carey is correct that there are many properties in that price range that will rent for at least 1k. 

I know the MLS can be a very usefully tool, but I am speaking towards off market deals

Welcome I am sure you will find tons of tool and information on this site.

If my thinking is wrong there then please correct me!

Since you bought the property correctly (Low) you have enough to pay it off and get cash back for the Rehab, Holding and closing costs ($43K) to be covered by the Refi loan of $140K. 

If you use it and it saves you time and gives you a tool for the rest of your life -it's priceless. 

If they do, it's probably not done correctly. 

I hope you have documented and can defend thatTake the extra days and do it correctly