Now, let's say that the property value increases to 140k after the reno, can I then get any capital to work with if I approach the bank for a cash-out refi?  

I believe the property can use some work and renovations as well as an increase in rent.  

If you improve the property by investing, for example $20 per square foot, what would those improvements bring you in increased rents?

Would a plank with an underlayment handle it better (would increase thickness) ?

That can be increased if needed.4.

To everyone at Bigger Pockets, this deal and the many more to come are 100% due to the amazing job you do providing people like myself with the education, tools and confidence needed to successfully navigate the RE investment space.

Now the increase in fixing cost, re-appraisal, the offer (VA loan), and the supply and demand of market suddenly change.

- monthly dues / trajectory - how often increased?

I am looking to put down as little as possible to increase cash on cash return and have money left over for reno.

I'd even be willing to make a small wager that honestly reported he is making maybe 2- 3%/ year on that property as an actual return if he hasn't kept up with rent increases.