However, the mid-sized multis that I have looked at in NWA tend to be on the outskirts. 

We find that these areas in/near good school districts tend to have those "B" and "A" type properties with a good return. 

I think it's also important to note that in a very competitive market, response rates tend to suffer for direct mail.

My question is should i go with a local banks vs local lending Co. as I've read on this forum that large banks don't tend to lend small amounts of cash.

Given that construction lags and new units will continue to come online, even after supply begins to outpace demand, Hypersupply will tend to lead to Recession.

Older properties also tend to have insufficient outlets for today's electronic lifestyles, so a rewire would be your opportunity to increase the number of receptacles (and circuits) in bedrooms and living rooms .... modern code will require that things like refrigerators and microwaves in the kitchen have independent circuits and that receptacles close to water (kitchen counters and bathrooms) are GFI protected. 

While it can be tempting to want to enjoy a few bucks of "profit" on a house, I tend to personally take a longer perspective and hold onto things until it's really advantageous for me to sell it and move on.  

The 50% rule tends to be more conservative than the actual numbers. 

White cabinets tend to make a kitchen look brighter, bigger and cleaner.

If you want to know what it is likely to appraise for (important when selling) then get to know how appraisers tend to view the area and how they would approach the situation.