Looking to and not limited to replace flooring, interior repaint, recess lighting, update bathroom, update kitchen, windows, and landscaping.  

Budget questions/comments: No new lighting or plumbing fixtures?

I've done a couple of light rehabs but nothing substantial.

Hammond has a slightly lower price point for the same amount of rents so naturally ROI is going to be higher. 

First thing I suggest is to spend some time in the forums, listen to some podcasts and do a little bit of reading so that you can gain a light understanding of the nuts and bolts and strategies used to invest in real estate.

Too much competition in the area from new product, owner is a tired landlord who has mismanaged, has the area changed to more commercial or mainly single family houses in nature?

Conventional financing terms and rates are so attractive so naturally I focused on this first.

@Patrick Cruse, as a contractor, terms like light fixer, heavy fixer are meaningless.

For a full year, he consistently paid rent and late fees in full around day 45 so naturally I became lenient and tried to salvage the tenancy as best I could.  

A tiny basement studio with no light and old fixtures ... probably not going to do it.