It needs approx $5100. to be turnkey (this does not incl appliances).  

How old are the appliances and how much should you put away to replace them in 1 3 5 or 10 years?

You should know the market, but if your future buyer sees the opportunity to install granite/nicer baths, real hardwood, high end appliances, etc, and get $40k in equity/retail value, they are going to love the deal and it should move quickly.

I have emails of the scope of the work and text messages from him that work will be done, cabinets and appliances are ordered etc.

I tend to put in nicer finishes (granite, tile, good appliances) and it usually only takes less than a week to get my units rented.Have you checked out rentometer?  

What, exactly, do you do during refurb and what is the expected life on the new appliances/upgrades that you make?

There are times when a seller is trying to avoid commissions, agents and other cost - and that's OK if seller is for real.The seal bid methods have certain rules to success -expose the property as much as possible - signage - newspapers- internet -Have contract and terms at the ready for those interested to review them befroe bidding.Comps and pictures on a tri-fold stand should be present for all interested parties to view.Hold several open houses - lots of advertising.Agree to cooperate with real estate agents - they often will inform their clients to bid.Check the terms - as is, all cash, will take financing contingencies - seller agrees to -(help with settlement costs, leave the car and the furniture, contribute $5,000 to buyer, guarantee  appliances and furnace and roof for X years ----etc) We call this Contract Candy.Don't be shy - ask seler to contribute something if you are the high bidder - ask before bidding.Observe your competition if you canTalk to neighbors - there are times when the neighbor will tell you all about the house and problems the seller has had in the past.Have friends and paid agents assist you and look at the house and to listen for clues of motivation.Get all the information about everything you can....Why do you think the real reason the seller wants out - has he done this before or is just a creative seller?

I went to the appliance parts store and replacing the handle was over $100.

I am a certified hvac technician and I have a back ground working in small appliance repair.

I don't have the experience to know if new furnace/water heater/windows/appliances would alter the appraised value to make this a rational deal under these circumstances.