The good news is that rents are high and climbing which supports a lot of the current properties but not some of what people are asking as @Jeff Rappaport has indicated as well. 

You would want to wait on or expect to redo cosmetics, paint, carpet, etc.Keep in mind doing remodel work that it's like doing a flip your not doing it for your tastes but a large group of people. 

Put reduce current year taxes as an option.Lots of people miss the forest for the trees and do it for that purpose.My answer for top 2is:Store of valuePrice appreciation

People seem to be horrified of problems like these and mold.

Question may sound elementary but I know we have some pretty knowledgeable people on here who can help me better understand. 

A lot of people don't ask.

I m a newbie but seems the people in the KS side has higher income which makes me think they will be able to afford more expensive rents and be better tenants.

Do a Google search for "Boommates" and you'll find references to the Golden Girls TV show and discussions about two significant issues older people face: the high cost of housing and loneliness.For younger people, we call this "house hacking," where someone buys a house and takes in roommates to help cover the costs.

This is because the Schedule E is obtained independently, and few people would inflate their rental income in that form (and pay more taxes than they should).  

GC Realty is a great PM company that I'm sure you will get recommended on here because many people have worked with them.