Its a 3/2 on almost five acres, listed at $325, needs drywall, flooring and kitchen cabinets, master bath completion, and some very light landscaping.  

I think your vacancy rate and management expenses are also optimistic considering the makeup of the units (only one unit has it's own dedicated kitchen, the rest are ~200ft2 studios with their own bathroom, sharing a common kitchen).

Choose neutral colors that will appeal to a wide range of tenants.Upgrade lighting: Replacing outdated light fixtures with modern, energy-efficient options can not only improve the aesthetic of your rental, but it can also save your tenants money on their energy bills.Update kitchen and bathroom hardware: Swapping out old faucets, handles, and drawer pulls for newer, stylish options can make a big impact in these high-use areas.

Our was built in 1979 but need a new kitchen and bathrooms.

We had been looking for homes and nothing felt quite right until we walked into this house covered in cat hair with purple and pink kitchen cabinets, bright green receptacle covers, etc.

What makes these people worse than a white couple, who bought the home with an FHA mortgage and pay $1000 monthly for a home with a 40 year old kitchen?

I just can't quite imagine what kind of strangers want to live with 3 others, sharing 1 shower/kitchen/LR per 4 heads.. :-/ Not my style (or I would do it myself & save $100K), but it sounds like this seller has a few... shall we say..

I went over tile in kitchen rather than pulling all the old tile up.

I'm leaning towards trying the power washing & stain option to save the money for more important things....we're looking at doing a kitchen remodel in the next few months that will keep the "sweetie" more than happy. 

Almost everything is new: roof, hvac,electrical,plumbing,windows,bath and kitchen.