By the time you paint, make repairs, clean, pay for advertising and vacancies you could be well over 2K or 3K dollars. 

Some new floors, paint and cabinets maybe should really spruce the place up.Is this a good path to take?

It's in a newly build townhomes and some of them were sold for around 150-170k in the last few years.It's in super condition..good paint, new appliances.

Now no more frustration.You can obviously evict the tenant but be prepared for that major turnover expense as well; paint, carpet, cleaning, landscaping, utilities, repairs, etc.As far as PM's doing extra work chasing non-payers; 100% they do extra work.

There is no ventilation (other than windows and doors), so the moisture simply has no where to go!  

heard once someplace you get 4 bucks back for every 10 you spend in a basement,,,and less if its not done exactly correctly(moisture, mold, mildew)are your biggest foes!!!

Mostly cosmetic like carpets, paint, light fixtures would be the biggest things.  

Seemed as though in the past they were above market but something changed here.We had annual inspections which as Kevin noted were actually a good thing in terms of keeping the property up- tenants knew if the inspection failed, they might be out so we actually had one who was painting and doing other minor repairs herself to make sure the house was ready.  

Changing locks, touch up painting, carpet cleaning, etc. costs don't tend to change a whole lot if you rent the unit for $300 or $600.

pick your paints....ceiling?