It is rare to not find unexpected items and/or increased costs during renovation so $45k could easily turn into $55k.  

You can find a deal and easily find the money, you can't find money and easily find the deal 

If they are professional, they can explain this quickly and easily.

You're always going to find someone that did better, so you can't let that dissuade you from picking up good deals for yourself.To play devil's advocate:- If you have a bad tenant that does some real damage, it could easily take several year's of your projected profit to pay for. 

However this is a paint job needed to eliminate a smell...What are your thoughts is this horrendous smell considered wear and tear?

Should I be looking to move and invest in more of a central city such as Charlotte (leaning towards this), or could I just as easily look into a coastal city such as Charleston or Wilmington?

If renovations are $40,000 (bathrooms, kitchens, roof, HVAC, water heater, paint, carpet/flooring can easily surpass 40K), your under water.Stephanie

If they are professional, they can explain this quickly and easily.

Eliminate any city on Neighborhood Scout’s 100 most dangerous cities.Low operating cost - The two most obvious are property tax and insurance.

You'll eliminate the demo cost and time, as well as some of the material cost (1/4" vs  1/2" or 5/8").