New counter tops, some paint, fix a window, replace the tilt up garage door with a roll up, and some other minor tune ups. 

Assuming that my ARV is correct and I'm not terribly confident it is as we're total newbies, I think that we might be able to get right around the $200k mark with some sweat equity in projects that we can do, modest kitchen upgrades (counter tops, backsplash, possibly replacing some cabinet hardware), and modest bathroom upgrades (tiling the floors, replacing the sinks and vanities).

New countertops and sink.

When I build a new house or whatever I always make it ADA compliant except for the counter tops.

A dishwasher, a few cabinets, and a granite countertop?

. $7503) 4k Kitchen cabinets and countertops (rental)

This would give much more workspace, and you could add an overhang on the end opposite the fridge and fit two stools comfortably for an eating area.New countertop if you can afford it.

If features means granite counter tops or other cosmetic things that are above comparable units then you need to forget about those "over improvements" and price your unit in line with other units in the same area.The fact you're getting showings tells me you're in the right ballpark. 

I can build an addition for about 120k that contains two "units" of 2bd/2.5ba each with lots of premium features (9.5' ceilings, acid-stained colorful concrete floors, radiant heating throughout, central air, LED lights, granite countertops, subway tile backsplash, carrara marble porcelain look-alike bathrooms, etc.)

I looked at one of those the other day that had broken tile counter tops, linoleum on the floors, worn out carpet, three different styles of interior doors and the present owner couldn't figure out why I didn't want to pay the same as the fully rehabbed one down the street for his "rent ready" house.