What small upgrades are the biggest return on rental units.

Whitney,Could you upgrade the septic later and have the deed restriction removed?

A place for anything visibly broken or missing or maintenance items, chirping smoke, loud fridge hum etc.

Since it is your first one, I would try to find a deal that doesn't need much work and only needs cosmetic upgrades.

The best markets are: Edmond, Norman, Moore, Jenks, Bixby, Broken Arrow, Owasso and other parts of Tulsa & OKC.

If the lease terms are broken, so is the option contract and tenant loses the fee.The only other thing for you to consider is: why pressure the tenant?

I have upgraded the units with things like luxury vinyl flooring, clean surfaces painted with good colors, good but non fancy kitchen cabinets.  

What sort of repairs/upgrades does the property currently need or will need in next 12-36 months?

You missed that window by about 2-3 years, unless you get a property at a great wholesale price or you are upgrading your portfolio (which you're not).

I generally think markets have a sweet spot that provides the best return and it varies by property.With a little research, we can define the upgrades that will be the most popular and then discuss contractors etc that might be able to help you out.