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Listing: Large modern and updated 2 bedroom, 2.5 bathroom, multi floor (2nd and 3rd floor of building) unit that is just a short walk to shops, restaurants, parks and train station.

As you’ve discovered most modern SFR in decent neighborhoods have a vacancy rate closer to 2%.

Properties in A class neighborhoods typically were built in the late 80s, early 90's and early 2000's which is more desirable for the modern buyer. 

All modern furnaces have more repairs because of the complexity involved in safety and efficiency.I have proactively replaced 40 year old HVAC systems, because it always seems they go out in the cold of winter or heat of summer - at the worst time! 

In TN, KY & GA - Erie, State Auto and American Modern are great for rentals. 

I started out keeping all of this information in an Excel spreadsheet on my laptop.  

I plan on super "spiffifying" this property, Good price for a nice little property.You said you wanted to super spiffy it up.I did a quick mockup of a more modern look.Hardieboard, stone, metal roof, eaves extended, etc...Lighter colors look bigger.Good Luck!

Luxurious finishes can give the feeling of comfort, sleek and modern finishes can give the feeling of efficiency and a simple design can give the feeling of sophistication.

On the note of topics and code, depending on when the house was built if you replace the dry wall you lose grandfather status and will be required to update both the plumbing and electrical to modern standards.