I'm trying to target houses that people don't want to initially buy, as most folks on bigger pockets are doing (ie. smelly carpet, un-updated kitchen/bathrooms, un-open layout).  

Newer appliances, fresh paint, landscaping? 

Here is a brief list of the planned renovations:Kitchen-Granite Countertops-Cabinets-Tile back splash-Kitchen Sink and faucet-Kitchen lighting-Stainless Steel appliancesBathroom-Vanity/sink/faucet-Shower head-Bathroom lighting-MirrorCommon areas-New front door-New interior doors-Blinds/Curtains-Wooden Laminate/VinylI have a decent amount of my own money I can use after the down-payment and closing fees.

Another area is kitchen laundry and bathroom cabinets.

Matching modern appliances, updated light fixtures, countertops, etc..  

This is the property in question: https://goo.gl/qjnBJK The top maintenance items are: cleaning up after tenants move out (paint, carpet cleaning), monthly landscaping ($90), and a smattering of appliance repairs.  

(Example: ceiling in Kitchen before cabinet install ... at least primer).

There were 4 or 5 units in need of repair and when I went to go see them I was expecting holes, mildew, dead cats, fire damage... saw dirty carpet, dirty appliances, minor drywall repairs, and a need for a fresh coat of paint. $3k-5k per "damaged" room.The managers I talked to both literally said, "I hate people."

I have found tenants when still putting a kitchen in a rental but that isn't the norm. 

Update kitchens and bath as tenants move out.Rents can increased by 5% as new tenants come in.Recourse loan.  5% interest at 30 year amort. for 30 year term.Area has many rentals and single family homes.