You need to ask what repairs the property needs (say it needs updated kitchen and bath, new carpet, repainting, etc.).

I would also want to repaint the cabinets in the kitchen and put some new handles on them to fix them up a bit.My return still seems pretty low.

We even created a 'sight unseen' addendum to be included with every lease so tenants know that unless they asked for contingencies [ie: repaint entire home] the home is as-is, so they should not expect a freshly painted property unless they asked for it prior to signing the lease.

I could go on for pages on detail of all the things the contractor did during the remodel (bleaching concrete floors etc and what we tried once the remodel was complete, repainting walls with oil based kills, sealing tile grout on brand new floors, hi powered ozoneators for weeks. 

Missed 2 months rent, paid a property manager twice to find a tenant for the house, spending money to deep clean the place, repaint, have carpets cleaned, replace lights, etc...  

We repainted the doors, purchased a new mattress for the murphy bed and purchased a few small kitchen gadgets. 

If this were mine and I like the cash flow but don't have a firm grasp on property management I would pay a house cleaning service a $100 bucks or so to clean it from top to bottom, get a handyman to fix any small minor repairs $500 at most typically, and then I would sell the house as is for full market value (10% over market value if you decide to fix all damages and repaint).

Walls in good shape though we will probably repaint.

With this in mind, you might want to explore the feasability of doing shared housing on your first rental....it's a headache but you'll get higher net rents and the house will never be empty, while avoiding costly vacancy and repair/repaint costs.  

You have a range of color choices, often about 5, to choose from when repainting.