6.How attractive the area really is for households profiles with annual incomes greater than $80K?

Really that is an okay down payment on a 2BR condo most decent areas near there, at best.In Lowell if you the idea is to get a place that is attractive to students you can get a little further with that kind of money.  

Also what is it about Elizabeth that attracts people to rent?

That's why the traditional way of wholesaling is much more attractive but state regulators across the board are cracking down on that(see Ohio for example).It's a catch 22.

The quality of life: access to outdoors, public transportation, and an increasingly well known foodie/beer/wine city is what is attracting these people.

Visual/External improvement need to happen right away to increase the appeal of the property and attract higher quality renters: Landscaping, Power/pressure washing the exterior.

I know $40 cash flow isn't attractive but before I was adding $500 on top of rent to make mortgage payment.

Other than that you can canvass the neighborhood and talk to renters in other properties, Craig's List, Local print media other websites and last but not least is a huge sign giving some free rent to attract potential renters.

Advantages: The entire area is new development, so there is no run down areas or neighborhoods; the complex has a club house and a pool, which is attractive to tenets; the HOA covers all of the outside maintainence; they are building a campus extension of a local university; close to interstate;  plans for business development in the area are extensive.  

I want to keep the colors of paint and singles very common and timeless as possible to attract tenants and allow for good resale when the time comes.