Having a good eye for colors and properly staging a property is also important in my opinion.

Once the tenants move out, I plan on replacing the carpet and repainting the inside (color scheme will change to the more current trend of grey).  

This is typical with colored wood and usually comes about after cleaning or painting it.

He would grab a stack of blank paper, some colored pens and we would head out after I got off work.

I plan on staining a darker color. 

I like @Jeffrey Hotz idea of whitewash (an alternative would be Behr antique white solid... it's an amazing interior color too!).  

Does your office have a good color printer?  

Can you share what colors you picked for your kitchen scheme paint and flooring?  

The best properties for this are "cosmetic fixers" where the "bones" are in good shape (structure, plumbing, electric, all the important stuff that is not readily visible unless you look close), yet it is a cosmetic wreck; dated finishes, dirty, smelly, ugly, hideous paint colors, etc.

Additionally, you have provided me the most realistic perspective of RE investing yet - I was certainly spellbound by all the success stories I've read, and I needed someone to rip the rose colored glasses off my face.