.$45,000 +closing costs, debt service (interest or whatever terms you have with lender,)  holding costs (taxes, utilities, insurance,)$5,000 seems extremely optimistic unless you're certain the only thing you're doing is painting and cleaning up some floors.With those numbers you're already creeping into the $55,000 range.  

Other paperwork: Purchase and Sale Agreement, Lead Paint, Seller's Disclosure of Defects, etc.

It can be hard to foresee what repairs will be needed, but landlords should consider expenses like carpet cleaning, paint, electrical, plumbing and any other fixes that keep a property habitable for renters.

I just don't see a few hundred dollars as exciting, especially if you're putting up big $$ for a new construction.. think about it, if it's just a washer or dryer that need to be fixed, or new coat of paint, make sure to look at houses from a renters standard--not your own.  

I'm debating painting cabinets of a small home (800 sq ft $60K ARV) to add some character and differentiation.

The laundry room is painted an apricot color, because the name of the complex is Apricot Court. :-) Comfortable and clean.

change to sheet rock or paint paneling?

Are you buying full rehabs or paint and carpet kind of flips?

Better curb appeal, carpet and paint, simple turn over... what would it take to increase 100 on each side and when are the leases up?

Newer appliances, fresh paint, landscaping?