It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

I'm trying to ensure I get the max rent for the area with value added thru updates and upgrades and the like

I'm currently looking to invest in properties in the Northwest Indiana area that I can purchase for good prices, rehab or make upgrades to and sale.

I am in Jacksonville, FL and Duval County just upgraded their website for GIS maps.

Like dishwashers, garbage disposals and the lot, it's a matter of being an appropriate upgrade for the kind of units.Like @Corby Goade says, I do add A/C if I'm replacing the entire HVAC system.  

I don't expect to do any immediate repairs or upgrades.

When upgrading to our bigger 2nd primary residence I kept our 1st house as a rental.

Excel is perfect for me now, but I am sure I will need to "upgrade" down the road.

I sometimes do this at lease renewal time, offer them a choice of upgrade (of course this helps increase your property value AND make tenant happy.  

I used Quicken Home and Business for many years, then upgraded to Quicken Rental Property Manager in 2009.