I'm content with $100/door in my area.Find out from your property manager how much the unit can be rerented for with none of the improvements, all of the improvements, and half of the improvements and run the numbers with the different rents.I would lean toward doing the upgrade items and basic cosmetics, but not do the middle of the road items that typically need to be done and redone.  

The bank will want the list price of the property to reflect current closed comps in your area,  in a 1 mile radius, if you have others that are closed foreclosures in the past 6 months, add them in too.  

Also, I know some MO investors and am 3 miles from the state line for what that's worth.

Pull up quarter mile radius, all instances of crime, over past 6 months and see if you are comfortable with the crime statistics...http://maps.indy.gov/MapIndy/Index.html?

So a 50k loan at 2 points makes them 1k in fee's  that's a ton of risk for such a small loan and if it turtles you can lose half your money in that market no sweat.. that is the other major hurdle. 

I'd say the comps are pretty strong I looked at a total of 5 comps within 2 miles that sold in the last 6 months two of them priced at 89 & 99k and the higher comps came in at 146k and 170.

Here are the details: LP: $199k (dropped about $50k in the past month and a half - could this mean they're too anxious?

I study it, I think I kind of understand it, and I believe I have the ability to spot an opportunity from a mile or 10 away.  

I bet less than 10 houses in a mile radius has central. http://www.sears.com/search=heating%20and%20coolin...

We split the mortgage in half until September of 2015 when he and his girls moved out.