Buying lists are faster, but can get pricey.

I calculated 35k to include holding costs, the property doesn't "need" any work but some work would help it sell faster. 

If you want to go a little faster do a flip or buy another rental. 

In Richmond, my houses I am flipping are selling faster and the REO's I am trying to buy are more frequently receiving multiple offers.

Like any business the number one way to increase chances of success is to be well capitalized.Everyone talks about getting into RE with no money but the reality is your chances are probably 1-10% if you do that.If you have a good bankroll that allows you to put money down on property, pay for rehabs and make a mistake or 2 your odds of success go up to 50, 60, 70% or more.Lots of other things help a little, but no other single factor influences your chances of success as much.I tried to do this a few times in my younger days when I had little cash without success.

Everyone talks about getting into RE with no money but the reality is your chances are probably 1-10% if you do that.If you have a good bankroll that allows you to put money down on property, pay for rehabs and make a mistake or 2 your odds of success go up to 50, 60, 70% or more."

Now as you buy the next one and the next one, your profits will compound and you will be able to buy properties faster and faster but your growth rate is pretty slow.

So the numbers i am looking at for the refi are going to be which strategy will get my house paid off faster or generate the most income.

It could make the property sell faster, but I don't think you'd get as much out of the improvement as you'd like.

And right now, you are buying an undervalued asset which means if you buy now it will increase in value faster than inflation, whereas if you bought in 2006 it will increase in value slower than inflation - at least looking at each comparison over a 10 to 15 year respective time frame.