There is a lot of potential right now to purchase moderate to market priced buildings and invest in bring them to the next level.  20% to 30% rent increases with "luxury" upgrades are very possible.  

Does anyone know how I can access my equity to do upgrades that should value the property in the 60K range ?

There is- force equity through rehab and upgrades and buy in areas that are growing and reliably appreciating.

Some highlights (or lowlights) that the calculator does not consider - property is CURRENTLY VACANT and will require ~$300k of repairs/upgrades before lease-up...so BETWEEN 9 MONTHS to 1 YEAR of 100% VACANCY BEFORE LEASE-UP BEGINS. 

These are your larger expenses to upgrade/repair the property such as: roof, HVAC/furnace, siding, windows, plumbing, electrical, etc.

Anything you mention as an upgrade/change becomes a commitment to you...and will not be forgotten by the tenant...and ultimately expected. 

Or are you just looking to start fresh with new tenants and upgraded units?

An upgraded a/c unit.

We helped remove the old tenants, cleaned out the house and spent $20,000 on floor, paint, repairs and upgrades.

not sure about NM but what I've seen are some upgrades and additions help sell the home for more money and some upgrades and additions help sell home quicker or appeal to a broader or more specific buyer pool.