On the other hand, If my aim is to keep my current tenants, My thoughts are to increase the 2 bedroom rent to $1400 without renovating completely, I may offer to paint the apartment and throw down new carpeting in the bedrooms. 

I am sure if you look at what Memphis invest is doing - they are probably buying these wholesale for 50k a door, spending 10-20k on a fresh coat of paint and carpet and then marketing them as turnkey to out of state.

Can you use sheet vinyl floors or carpet or do you  need high quality flooring and hardwood floors. 

Also, can I charge a reasonable rate for my time to make some of these repairs since I did so myself (i.e. fixing the wall, touch up paint, cleaning the carpets, etc.)?

I plan on replacing the carpet, doing some painting , adding A/C and also considered upgrading the kitchen.

$25,300 profit, increased relationships with contractor, carpet installation, and realtor.

Did basic cosmetic updates, paint and carpet, added appliances.

She has two dogs, which we are allowing because we're not going to be changing out the carpeting at this time.

There are plenty of houses in my area selling for 125k, 3 bed 2 bath 1200 sqft, very close to move in ready (new carpets and painting cabinets are the only renovations that need to be made for the most part).

After updating and removing the emerald green shag carpet and orange laminate countertops (ugh), it currently rents for $750 a month.