For example its difficult to comp properties in Texas with Zillow as its a non disclosure state.As for factoring in renovations, we use a price-per-square-foot comp model adjusted for finishes.

Had quotes for $20,000 not including materials. 

Knowing we planned on keeping this as a long term rental, we completed targeted renovations—modernizing finishes, improving major systems, and making the home more attractive to renters.

If your goal is to attract serious buyers and avoid bargain hunters, listing at $209,900 or even $210K could work in your favor—especially if you have quality finishes and professional photos that highlight the upgrades.

There is a decent sized lot where more could be built later.Upgrades possible include finishing the basement for storage and laundry, charging for additional parking, and bringing rents up to market level.Adding in all the operating costs plus debt service, with allowance for maintenance & vacancy, and at market rents, the property runs a $20k/yr loss.

Knowing we planned on keeping this as a long term rental, we completed targeted renovations—modernizing finishes, improving major systems, and making the home more attractive to renters.

Knowing we planned on keeping this as a long term rental, we completed targeted renovations—modernizing finishes, improving major systems, and making the home more attractive to renters.

On the other hand you don't have much ground to force him to finish.

I had actually been told — and also saw in a RE video on YouTube — that you could start the background check process early while you're still finishing your education.

Broad strokes, I believe this scenario has the biggest ROI potential from one project however this will come with big challenges including capital, expertise, and risk.