You do need to take the "appreciating market" factor out if you are planning to sell it after rehab.

PRICE is the determining factor in your market. 

View report*This link comes directly from our calculators, based on information input by the member who posted.The repairs I have considers and their factors are as follows:Possibly Roof (due to recent hurricane in the area in 2018)Water Heater (over life-expectancy)Appliances (over life-expectancy)HVAC (over life-expectancy)Flooring (they look terrible in the pictures and not long lasting)PaintCabinet/CountersLanscapingSeptic System Replacement/Cleaning

It was rebuilt with contractors, so I imagine it's up to code and it looks great, I'm just looking for the x-factor here.

The commute part is actually, a real factor in my case.

Location is the first and most important factor For any type of property commercial and residential. 

It's hard to stand out.There are some owner-occupied segments with people who share motivating factors for selling their home.Seniors with Long-time Ownership: often ready to downsize or transition to assistance.Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.A list broker should be able to help guide you in the right direction.Good luck!

Given these factors, would it be worth refinancing for a lower interest rate (3.75%; 30-year fixed)? 

You were never cash-flowing $1200 to begin with.When you factor in vacancy, CapEx, maintenance, property taxes, insurance, etc it adds up.

Do those unrelated expenses get factored into the NOI?