Awe this discussion reminds me of the fable of "The Tortoise and the Hare". 

Many of us would still step into that mess on a wing and a prayer

When I asked my TN guy, he didn't know which one of our houses it was.

New kitchens, bathrooms, paint, replaced 10 windows, 15 doors, all the outlets, stainless steel appliances, Lifeproof LVP in all carpeted areas, new HVAC in 3 units, vinyl siding, pressure wash, and refinished all the tubs.

@Keith A.Pressure Washing,Very good money for just the weekends.

When she moved out she even washed the built in drawers. 

I would suggest repairing and staining the fence, pressure washing patio and walkway, fixing the blinds that look crooked in almost every picture, and removing the desk lamps in that room.

I know as-is condition properties with high value-add potential (especially if zoning changes permit a lot more units) can go for much higher $/sf as well, but again that is the outlier rather than the norm (and any effect this would have would be washed away by the sea of other transactions during that same time period)The key here is we need to sub-filter, after all combination is checked ( such as all comps are 3/1 or 4/1) , then we can select or toggle between comp that's result of flip or result of regular sale.

At any point in the future would I consider refi to pull out the FHA loan and PMI or does generally the increase in interest make it a wash?

I will not by the property on a wing and a prayer that the people who currently own it will do the right thing.