A Midwest market that has zero population growth over the last decade is likely to experience virtual no inflation adjusted increase in cash flow and may experience a reduction in inflation adjusted cash flow.  

A syndicator can turn an old unit to a state-of-the-art apartment – but if the building is in a bad neighborhood – not many will be able to pay $200 more for a nicer apartment.

As I tell everyone I meet, it's 300 days of sun, proximity to the mountains, great beer, legal weed, a super awesome bar and restaurant scene, arts and culture.

On our virtual tour with this tenant (he moved from the East coast) I said it didn't work.

I have wholesaled 10 properties in my hometown in NY, so I will be closing deals virtually.

Once carpet pads become mildewed, it's virtually impossible to get rid of that odor, and the carpet and padding must be removed and replaced. 

@Gabriel CardusNot totally on point here, but we own a few furnished medium-term rentals in Colorado Springs, and it's private liberal arts college -- Colorado College -- just kicked its students out of the dorms due to covid concerns.

There is a wealth of knowledge here and virtually anything you can think of has already been addressed and discussed.

Silencing a floor is a bit of an art and takes some experience. 

I think your estimate is close to accurate for virtually hands off cost assuming nothing unusual with the lot and standard new grade build.