Hoping to do paint and floors myself, along with any kitchen and bathroom upgrades needed.

They can all charge cell phones or other essentials in the hallway but no fridges. 

(4 rooms @ $2.4k or 5 rooms @ $2.75k).It depends on the size of the room and how many bathrooms you have per room.

One of my concerns with this aspect though, is I only have one bathroom in the home. 

These are the outlets you typically put near a water source such as in the kitchen or a bathroom in case the outlet or what is plugged into it gets wet it trips the outlet and cuts off the electrical supply so the person is not electrocuted.

A monthly rent for a 2 bethroom 2 bathroom apartment is about $1124 a month or more.

When your tenant misses payment or breaks an agrrement stated in the lease, they essentially are stealing from your business wether intentional or not.

Most leases will contain something like this:If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lessor may use, apply or retain all or any portion of said Security Deposit for the payment of any amount due Lessor or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof.I would not expect to give it back in this case, because essentially they have broken the agreement, but again it depends on the language of the lease you've had them signed whether they are "entitled" to it or not.

Lifted the 1840's Farmhouse and poured a new foundation, Added a master bathroom and a designer kitchen.

The repairs are bid at 15k (paint inside and out, laminate kitchen floors, new carpet throughout, replace kitchen cabinets, reglaze bathroom tiles and tub, roof repairs, new light fixtures and electrical work, and some other odds and ends.)