That said, competitive bidding could push it up well beyond that. 

I will warn you that MF is a little tough in this market - lots of competition for little inventory.

If the compition demands a higher refurbishment (counter tops, and cabinets) then do that, but just a refresh on this unit (from the pics) looks like paint and LVP might be enough.I'd leave the cabinets and counter tops brown (unless competition dictates redoing them).Also a daylight bulb in the kitchen of the highest wattage the fixture will hold might make the area look better when you show it.The less income the resident has, the more bulb wattage they seem to like in the kitchen (they cook at home more).Good Luck! 

Typically a good condition rental will rent itself if it's in a desirable area and in the same price range as the competition 

Ya, I have funds too; but they are not competitive and don't keep up with returns from REI.

Adding a water/sewer charge is great in theory, but if that isn't a standard thing in your market, you'll be at a competitive disadvantage.Vacancy might be a bit low.

On the previous loan I did, UW required 6% of global UPB in reserves in order to fund (when I had fewer properties it was 3mo PITI in reserves)... at that point refinancing my note holder out would require more capital than buying him out at the market value.  

Their rates are very competitive as far as portfolio loans go, 5.0-5.5% on 20 year am with 5 year balloon.

And very competitive thing we can do it.

Once there, middlemen and competition remove good from deal.