However the electrical has been upgraded and is separated.

Your CapEx amount may need to be higher depending on the property age and condition.Why is the ARV $220K when you did not include any repair/upgrade costs?

We don't upgrade them to the latest and greatest, but we are responsive on maintenance and keep our tenants an average of 3-4 years. 

Then you could pull in the proverbial upgrades, kitchen cabinets, bath, fireplace, flooring, HVAC by zone etc etc.

One of the advantages of renting is not having to deal with repairs and upgrades. 

Would that be a good option for what I want to do and if I find a complex that does require some upgrades?

-Is buying a property that is cheaper, but maybe needs a new kitchen or bath better than paying for a nice upgraded property?

We want to sell it and upgrade to a single family home also to be used as a vacation rental, but I'm not sure if this is the right time.I've seen articles and posts recently that the RE market has rebounded to 2008 levels and I'm wondering if someone can comment on the status of the RE market in southern NJ specifically because I don't see the rebound. 

I actually upgraded to Pro membership primarily to be able to ask this one question in the Pro forum -- that's how important it is to me!

Otherwise, it's just too risky to keep it occupied.Otherwise, I would definitely buy an apartment complex and try to take advantage of everything it has to offer like the "cap rate", it's upgrade that is available, and  less of a nightmare when you have any dis-occupancy.