I would do some updates and add some color on the walls and maybe throw pillows etc.

Are there any house at that price point that would rent for $1200-1500/ month with 20k worth of updating?"

As an update, just in case anyone was curious, I ended up just going ahead and creating the LLC in Michigan. 

Additionally, FEMA updated the local flood maps here in July 2024 and much of the area now requires flood insurance. 

Exterior UpdatesScope of Work:Repaint exterior for modern curb appealRefresh landscaping (mulch, shrubs, and flower beds)Power wash driveway and sidewalksReplace front door and update hardwareEstimated Cost: $12,0007.

Good luck, and keep us updated on how it goes!

What are tenants expecting in terms of updates?  

Dont fall into the $/sf trap or start thinking "$50k SHOULD be able to update a small house".

The hilly terrain is a main reason for this and you can't really see that on a map so knowing the areas is key.We have old housing stock as well so big things like plumbing and electrical can vary cost wise if they have or haven't been updated.

Good to get an update on this post.