"still way too many unknowns here to reach any particular conclusion"

I agree; NMI.

The question I asked regarding how it was treated in the interim year(s) never got answered. And the values were not provided, so there is no way to determine how significant the improvements were, nor the property type (nice lot, dilapidated existing house?), nor if this person has other rental properties or has done other flips, etc. Too many unknowns and lack of perspective.