It has a renter in place but selling at a great discount and all the numbers would even when inflating everything in order to err on the conservative side.If the loan payments are factored into the refinance underwriting, there is no way that the DTI ratio will work out.

After repairs to the second floor we parted ways with the first floor tenant who was not paying timely and would be a negative factor to potential new tenants on the second floor.

Comps in the area should help you get a better idea of what the ARV is, and comps are a big factor in refinancing with banks too.

The two economic factors that hold the economy in a precipice are a) the supply distribution channels, and b) the debt load carried by many corporations, which was facilitated by low interest rates. 

If I'm willing to give up the the PERSONAL needs (willing to sacrifice commute, neighborhood preference, etc) in order to find a BRRR property that fits the formula, are there any other factors that make BRRR a bad idea for the first property?

I'm curious what factor(s) led you to your decision, and what ultimately helped you feel "ready" to take the leap? 

If you are looking towards redevelopment ever, you need to factor in not only costs to make the property useable in the meantime, but potential costs that would be imposed during a redevelopment process.

Are there any value adds that you haven't factored in yet?

Other factors to consider should also include the age/condition of the property & the neighborhood as you do not want to invest in low class areas just so they meet your cash flow criteria.

Past valuations will not factor in and with no lenders that will end real estate until that comes back.