Buy the worst house in the neighborhood and upgrade.  

I've spent aproximatly 61.5K on expenses over the years, Interest, Property Tax, Isurance, HOA and various repairs and upgrades.

I also had to upgrade the fire protection between floors. 

Upgrades included modernizing interiors, updating plumbing and electrical, and enhancing curb appeal.

It sounds like they covered 1/2 the upgrade.

In Indianapolis C to B class neighborhoods I have rarely seen insulation upgraded on rentals especially doubles that have never been owner-occupied.  4th air gaps,  poorly fitting windows, and doors can be easily corrected with proper caulk and weatherstripping (usually).

Otherwise, you may need to replace a water service (13-15k), electrical service (10-15k) and upgrade wiring (This is a tough one, but maybe an additional 8-15k inside).

The house includes high-end upgrades such as custom cabinetry, granite countertops and energy efficient appliances.

I did just this in my two flat, it cost me around $150k to rezone, dig down, upgrade everything plus fee after fee after fee and materials after materials.

As I said earlier, this is strictly for investment purposes.The property does not have to be turnkey, if there is room for improvement that's of no concern as we both have the skill set to invest in whatever upgrades are required.