@Paul Wurster - so far we've removed carpets and a vinyl flooring from the living room and dining room and discovered some nice hardwood beneath.

A lot of the older homes in my area have hardwood. so we refinish(light sand/stain/poly).

Around here, for example, you can buy hardwood flooring at one of the big box stores, or one of several specialty stores.

Midtown Houston you could get a 2 bed 2.5 bath 2020 sqft Townhome TILE IN THE ENTRY, KITCHEN, AND BREAKFAST AREAS, HARDWOODS IN LIVING & DINING ROOMS, CUSTOM BUILT-INS THROUGOUT.

at $2700 income per month or $900 per unit, I would definately want to be in this for $135K or less depending on work needed...other things to consider, starting in importance... (1) how is the immediate area(doesnt have to be top areas but cant be war zones or you'll end up w/ worst of worst, even those cities mentioned above have decent working class neighborhoods left)... (2) is it deleaded, w/ 3 bedroom units you will get calls mostly from ppl w. kids, learn lead laws if you dont know em already (3) utilities make sure tenants pay own utilities especially heat or they'll take you to the cleaners (4) condition, make sure its clean, make sure hallways are clean and paint everything, shine up hardwood floors if they have them, those houses usually have them...(5) water and sewer, your estimates seem low, i would be doubling that #...my water and sewer bills are through the roof lately...

Purchase price: $63,000 Cash invested: $10,000 Sale price: $100,000 Single family home with 3 bedrooms, 2 baths, hardwood floors on a great street!

The current tenant has been there for 12 years and it needs upgrades such as appliances, new screen on a porch, paint all around, refinish the hardwood floors, and possibly electrical and HVAC upgrades.How is this best done without flying out there to manage the renovations myself? 

I had to teach myself from YouTube videos to mud drywall, sand, primer, paint, install vanities, Baseboards, sanding and finishing hardwood floors, installed new flooring throughout 2300 sq ft house after watching 7 minute video, learn the difference between 45° and 30°, and use Goodwill and Facebook marketplace to Furnish

Don't forget to add " except for a $150 carpet / tile / hardwood cleaning fee. 

Wow, lucked out with hardwood under the old tile.