Here some of my advice first Educate yourself Understand the local rental market trends, property values, and rental demand.

As an investor would you find any value in this type of software?

House values in the area have increased about 5% the past year and the Greenville area and surrounding areas are rapidly growing.The monthly expenses (including utilities and 5% for repairs and 5% maintenance) come out to $2,291.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

VA How did you add value to the deal?

Variances can be a valuable tool to create value but I wouldn't place this opportunity in that category as not enough value is created to make the process a worthwhile pursuit. 

The house value was 31000 and there were a rehab cost for 69500.

They are unlikely to be in good areas, so you won't get the expect ROI results.There are several lenders that will fund acquisition+rehab transactions based upon the After-Repaired-Value (ARV). 

Can you also pull enough to augment the property value...say add square footage, etc...to get the ARV up to $135Kish?

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.