. $1050 a month is too much for most, you want to find an equilibrium price where supply and demand meet for max profit. 

The house needs cosmetic fix up.New PaintCleaned up New CarpetThe previous owner had a cat and smoked cigarettes in the house.

-Clean Dryer Exhaust Ductwork-Clean Refrigerator Coils-Clean Dishwasher-Clean Shower Heads-Inspect Sink & Toilet Fixtures for Leaks-Replace Air Filter-Re-Caulk Tub/Shower & Bathroom Floor-Flush Water Heater-Lubricate Garage Door Bearings-Replace Batteries in Thermostat & Smoke Detectors-Inspect slab for signs of termites; trench ground with Termidor every 5 years

Make sure you include the bed bug addendum, lead addendum, mold addendum, water heater/smoke detector addendum, plus any other ones relevant to your property.

Not mentioning your budget, making sure the bid separates labor from supplies, paying up front, etc.

Are they putting in 400 new apartments which is going to raise supply so high that the monthly rental rate is going to be going down?

Once done it should be worth at least $120k but im hoping for $140kmy first price quotes for the demo were $13k, $11k, $9800, and $4200 ( a contractor i used prior)the demo is done now ( took 3 days down to joints)My quotes for remodel were $110k, $80k ( i would still have to provided appliances, granite, cabinets, all bathroom supplies), $35k labor only( i buy all materials)I'm going to go with the $35k labor and contractor said materials should be more than $20k so total including demo should be 60k, but gonna have a 10k fluff space.purchase plus closing fees: $9800Renovations plus demo: estimated $60k-plumbing-electrical-hvac-drywall and stods-roof repairso im looking around 70k plus inspection fees ( plan on refi after 6 months to cashout)wondering how much i could rent for in the area?????

We are shorter in supply and higher in demand this year so far than we have been before.

If costs were lower and there was land to build, then that might be a different story (because of supply vs. demand).Look at jobs/unemployment numbers:  Major companies are coming in and expanding (such as Google, Netflix, etc.). 

I'd say the biggest issue I see is the supply of cheap homes and cheap rentals really keeps prices down in certain areas, both selling prices and rental rates.