The units are really new so I don't see any replacement costs besides the normal wear on the property and upkeep (paint every 3-5 years and caulking).

I like knowing that someone is taking care of the exterior of the unit, so when I go to sell, I won't have to worry about a unit being painted teal and bright pink with boarded windows ( exxageration for effect :) ).  

Think how much you know about remodeling so far, whether you have tools, a truck, and how deep you can go (anyone can paint or clean but sheetrock, trims, windows, sewer line... electrical and plumbing often require permit).

You need a place to live no matter what, and I can't imagine rents are very cheap in Portland, so you're usually better off at least having the benefits of a little tax writeoff and mortgage paydown while you own, plus being able to paint the walls the colors you want, etc.I'd hang tight if I were you, see if your market goes up a bit more over the next few years (which I personally believe many will, just my professional opinion,) and try to refi and dump your mortgage insurance (assuming you have it) as soon as possible.In the meantime, hang onto your $50,000, keep growing it, and wait for the right deal.

Standard repairs (bathroom, paint, roof, electrical upgrade, clean up etc.).

From what we understand it just needs some paint before we could rent it out.

Once all the dirty work had been done and fresh paint put on the cabinets and walls it looks like a brand new place.

So I think there is a good opportunity of you are willing to deal with some cosmetic upgrades like painting and flooring and later tackle kitchen upgrades.

From the pictures, the units look to be in good shape with updated hardwood, paint, and appliances. 

They should be taking care of all of the big-ticket functional items - roof, hvac, water-heaters, plumbing, electrical, flooring, sinks, tubs. etc.If they are just throwing down paint and carpet, then you'll probably have a high capex in the next 5 years.James