The numbers are not bad but I have no idea what the cost of doing paint, new flooring, bathrooms, kitchens etc.

I'm specifically looking at renovating the kitchen, bathroom, floors, and basement flooring. 

New granite in the bathrooms, toilets, sinks, and fixtures.

Because good deals have some aspect of creativity like improving the rent adding another bathroom changing the marketing strategy to improve the Noi,, why were the spread she would have killed the deal

As Tyler said, you may not need to worry about cash flow, as cutting out rent would essentially equate to a form of cash flow since you won’t be spending money on rent.

Depending on your scope you may not need a permit; however, the City also has a streamlined "Easy Permit" process for pull & replace projects, in addition to the standard permit process which would be needed for additions or significant interior remodels where you are completely re-configuring rooms or adding bathrooms, etc.

The asphalt is non-existent and it’s essentially a dirt/gravel road with lots of potholes.

Appraisal is considered “essential”

It has a new roof; paneling needs to be removed; new doors; updated bathrooms; some landscaping; outside paint job.

I'm wondering if a) I can increase rent at all (or did I need to give notice 2 months in advance) and b) if the tenant signs another lease, can that be for higher rent (annual, month to month, etc.)Essentially, I want a higher monthly rent payment for the increased exposure of not having a tenant for the entire year.