It's an older property, so it needs some updating before I can put it on the market.

I did google some but there were a ton of options and a few different levels of service/features (national MLS listing vs local, allow changes/updates to the listing, etc.)  

Rents are about 1500 for a 1 bed (updated unit) and they are paying about $700-750.

Provide the updated rental amounts to the appraiser.

@Beth Zetzman I agree with @Jordan Moorhead you should focus on using private or hard money for the purchase, complete the rehab, then refinance into a conventional loan when the property is in updated condition.

HVAC replaced within the last 5 years, electrical upgraded to 200 amp service, updated middle of the road fixtures and flooring. 

updated HVAC, water heater, bathroom, paint, carpet, dech, new accessoriesWhat was the outcome?

Your tenant's responsibility is to pay the rent, not update every time something changes in their financial life.

Purchase price: $130,000 Cash invested: $50,000 Sale price: $275,000 Getting property ready to sell in spring of 2022 after all repairs and updates What made you interested in investing in this type of deal?

I would look for 80-120k houses. that need some cosmetic updating. put 10-30k into them and get them rented and refinance some or all of your cash back out and do it again.