There is a lot of competition for good value add properties. 

The legal system purges the less competitive landlords, and prevents new player to come in.

@Guevara M. tenants don't really care about any of that except maybe an updated kitchen and some may like the lack of carpet, but understand if you do any of these items you are doing it for however long you plan to live in the house and it is not an investment.  2009 is not old for a rental in most places and tenants will see it as updated compared to most of your competition.

There is a lot of competition for the few that are available, and you'll be competing with a lot of investors (some of whom can pay in all cash).

.  Indianapolis truly is a great market and it’s becoming more and more competitive by the day.

The space is getting hot but there is still nowhere near the amount of competition that exists in the apartment space here in Atlanta.

If it were mine I (MIGHT) spray it white, and put shutters on it and add windows in place of the boarded up openings.As well as add a see through commercial style door on both ends of the hallway (rape and other attack prevention) if the area called for it.Cement a few park style BBQ's into the ground on each side (split them up to prevent tenants arguing) and park style trash cans chained to the ground (with lawn personnel responsible for changing out the bags).A repave and paint of the lot (might be a lender requirement).A commercial awning with WELCOME on it (in a bad neighborhood not everyplace seems welcome).The building name and address (easy for Police and visitors to read from the road).Some leasing signs and good look at the roof regarding replacement (for leaks) because the building looks neglected.Good bright lighting (up high on the building) around the building and parking lot at night, and no bushes (hiding places for attackers).I said (MIGHT) above, because I'd need to take a drive around the area and see the competition, to decide what I wanted to offer to make the building competitive without overspending.Also, I'd do that drive and crunch the numbers on it before being locked into a purchase contract for it, because it might be a pass instead of a buy. 

It can just be very competitive.

I misused the term “A class”, I made it a better than the competition and I actually take care of the unit.

You will start to see a more widespread array of carriers that come in competitive, but yeah the increase in hurricane damage is just not making these carriers profitable so expect a 15% increase in Florida at a minimum.