Around here 200k a year is a low income renter, might even be able to get Section 8 ;) I think all your units should have nice stainless steal appliances, rock countertops, real hardwood floors, and a pride in ownership with nice crisp painting.

Economies there selling to existing tenant, no painting, no clean up, no junk removal, and no real estate commission.11. 

Depending on the amount of painting(interior and possibly exterior), that number may be low.

Also, maybe you could change the face of the front of the house. i.e different paint color, some type of brick overlay, or something similar.

In terms of doing things while waiting....anything that doenst require a permit, start now. ripping up carpets, tearing off loose paint, throwing out old crap. makes it a lot easier for your contractors when they are given clean bones to start with

Consider unit turnover cost in the vacancy or make sure it is accounted for elsewhere - not just time with no rent, but your out of pocket costs for paint, cleaning, flooring, etc.  

I'm willing to help out turning over apartments, installing flooring, painting, taking pictures, etc.I'm looking to learn as much as possible and willing to help if I can! 

I don't know everything yet exactly but off the bat I know the inside of both units needs to be painted and and both unit need new flooring.

Thank you for your warm wishes and time to paint such a compelling picture. 

My research into these areas shows that you will have a lot of code enforcement problems, lead paint claims against you.