In addition to the full bath, there's a "kitchen" (sink, stovetop, and fridge; no stove) and washer + dryer hookups.There's also a shed on the property that was converted into a office.

Has anyone looked at the stove? 

A tenant left something on the stove and went to check on her child in the bath, and a fire started on the stove.

That doesn't mean moving where the sink and stove are (that gets pricier), but think of function-how many cabinets do you need with drawers?

I don't anticipate needing a lot of electrical work done, but some examples would include installing a motion detecting light outside, or installing a GFCI outlet near the bathroom sink, or moving an electrical outlet down a few inches to accomodate the back of a new stove. 

I would concentrate on hud homes that are under priced ,Mthe ones you can add value to by doing a light rehab , I'm in central Florida area myself and I just saw a 3/3 cbs ( concrete block stucco ) 2400sqft SFH on 3acres just get bought a little less than  2 months ago for 51k that just needed updating , the buyers only put in contractor grade carpeting and replaced a few light fixtures and put it back on the market for $93,500 , they didn't even replace the blue tubs and sinks in the bathrooms and it didn't have a oven just a stove top .

You don't give a Tenant a glass top stove.

I've purchased several stoves and microwaves there for less than half of retail. 

If lightning strikes and blows up the electric stove, knocks out the well pump and fries the A/C such losses are covered under the owner's policy and collecting from a residential tenant for such losses just won't happen in front of any judge.While agreements are made by owners without malice thinking they can reduce costs, no judge will enforce agreements that are illegal or invalid.Commercial property is different as a commercial tenant may deduct expenses on a commercial property which is leased through their business.

With exception to fridges, stoves, dishwasher etc.