It has a new roof; paneling needs to be removed; new doors; updated bathrooms; some landscaping; outside paint job.

You're going to need a decent paying w2 job to get pre-approved for a mortgage. start budgeting and saving as much money as you possibly can.

It was a hard sell convincing them to spend the money especially when I presented them the roof quote, but the demand for housing is great in the Medical District. 

Capex is half of what I use. 10%.My capex includes roof 25 year life span, floors 10 year life span, appliances and hot water heater 12 year life span,hvac 20 year life span, bath and kitchen remodel 20 year life span.

I have a detached garage which is more than three feet from the main structure, however the roofs of the two structures are touching.

Next is Structure items such as how the metal structure is, whats the site moisture conditions, is their tie-downs and what type are they, is it on grade, posts, free-standing, and especially roof coatings.

I can tel you that we rehab 3 bedroom 2bath house from A-Z (Cosmetic rehab + landscaping and HVAC, ROOF) between $15k-$25k.And 2 bedroom 1 bath Apartments in Little rock around $5k to $7k including HVAC. but I do a lot of the contractors management myself.

Should I have toned it back and waited until I had more cash to be in the market for another rental?

When was the roof, HVAC, Hot water heater, windows replaced?

If you are looking to just do some cosmetic upgrades, you are going to search out a property with good "bones" and mechanicals that do not require major CAPEX items...like roofs.