-To maximize rents I would recommend that you consider unit upgrades (depending on what condition current units are in).

Here are a few reasons why you should get an inspection Building Codes If you don't know anything about building codes it's a good idea to hire an inspector who can provide a list of items that don't meet current building standards that may need to be repaired/upgraded. 

Also, I decided not the take the job upgrade.

And I find it interesting that past apartment syndicators have stepped back from the market when they can't buy based on a rule like that.If we have another nasty recession like in 2008 I think it's likely that people will not pay an extra $100/month in rent for an upgraded kitchen.

I am considering finishing the attic into a 3rd bedroom and possibly making some upgrades to the kitchen.I already know I need landlord insurance.

Current owner purchased in 2003 and made several upgrades to the property with roof and siding replaced in 2006. 8 one bedrooms and 8 two bedrooms.

As Anthony stated, you would have 1 year to get the new system installed and upgraded from the existing cesspool.  

Everything is broken down by the price of a line item in a given zip code.

Door was broken. 

I would keep the other cash as a reserve for maintenance, capex, upgrades, etc.