They still have about a week to go with paint, and finishing materials like toilets, vanities, faucets, etc. to finish.

It needs some carpet, paint, flooring in kitchen/bath.

@James Mudd Grats, who did you end up choosing as your broker?

Also wondering why you are choosing to hold that much cash vs. paying off your consumer debt?

You just need to understand when to apply a few basic rules and know your market well enough to know what is reasonable to expect in your local market or whatever market you choose to invest in.

I assume you can roll paint, so while you have these contractors lined up, as them what the cost would be, see what paint costs along with your materials and consider your time, doing this may save you some money on small things you might do yourself, but you can present the bids and the appraisal to base your offer on.You also need to explain that an appraisal is an estimate, not a true value and that you need to make a reasonable profit if you are in the business and justify your offer.Saying older lady doesn't mean much, if she is elderly I suggest you take some additional steps after you get a contract and that is to involve some center of influence, her kids, her attorney or someone who may advise her.

Knowing your investment goals will also help you choosing your market...are you looking for the most monthly income possible?

There are lots of factors to this equation and the most significant one is what market you choose to invest in?

I think that I would be able to do some cosmetic such as flooring, painting, appliances, and be able to raise the rents.

I would agree with what @Logan Zanki is saying about choosing a VA lender.