A form from 2006 is very outdated.

You are exactly right, they can't take condition into consideration, their info is outdated, they can't pull sold prices in non-disclosure states and they go off of asking prices, not just sold, so when someone reduces their asking price the neighbors house automatically sinks in value. 

Also, knocking on doors (aka "driving for dollars") is an outdated way of doing this and honestly isn't worth your time.

People will appreciate nice flooring, fixtures, paint, updated bathrooms (it blows my mind how many landlords will leave disgusting outdated bathroom tile and fixtures in units), etc. more than anything.

Kitchen and bathrooms are outdates.

@Michael Baum I only mean if the rehab is so dramatic that is warrants it one time, and the poor reviews were specifically about the outdated nature (not location, safety, rodents/bugs, customer service, etc.) 

Is it worth looking into other people with out dated apartments and ask if I can do cosmetic changes, make the place look great and sublet?

The price is too low to allow a decent renovation so you're most likely going to be buying something that is outdated and has a lot of deferred maintenance.

It is definitely outdated but the ideas are still relevant and gets you thinking differently. 

With that even if we could say with absolute certainty _______ is "THE" best thing to do in MN, that information is certain to be outdated tomorrow and no longer correct.