New flooring, paint, updating countertops, removing popcorn ceiling, upgrading appliances, updating bathroom, etc... 

At 500/600 per month, just make sure it's well insulated, ac/heat works, decent flooring, well-patched roof and slap some paint on it.

Also, as a first time buyer, would you suggest not putting a large down payment down and leaving me more cash on hand to do upgrades to the house (new paint, vinyl plank flooring, minor repairs, etc.)?

It's located on Theda Avenue in MemphisPurchase is 53k (was 56k but all cash got reduced)3 bdrm, 1 bath projected rental is $750Top to bottom remodel (Room, HVAC, Furnace, Outlets, fixtures, Floor, paint, toilets showers, cabinets)My questions are:Is it better to pay higher for a house (80k to 110k) for higher rent and better area and lower Cap Rate?

It's located on Theda Avenue in MemphisPurchase is 53k (was 56k but all cash got reduced) and will refinance later3 bdrm, 1 bath projected rental is $750Top to bottom remodel (Room, HVAC, Furnace, Outlets, fixtures, Floor, paint, toilets showers, cabinets)My questions are:Is it better to pay higher for a house (80k to 110k) for higher rent and better area and lower Cap Rate?

Install drywall, flooring, tile, HVAC system, R&R windows, R&R entry door, new bathroom, new kitchen, run electrical, insulate, paint, finish work.  

The property needs new carpet and new paint, but otherwise, is in excellent condition (property was built in mid 2000s).  

The house has new vinyl siding, fresh paint and a metal roof that was serviced about 7 years ago.

I had professionals replace the roof, heating, hot water, paint, and upgrade my electric, but everything else I'm pretty capable of doing.  

Giving them jobs along the way, cutting grass, painting, etc.