Standard Lakewood 2 br 1 bath is going for about $1000 right now.

We included a 60 day notice of rent increase (5%) right in the new rental agreement  for the month to month tenants. 

If it is lead paint on the inside the remediation could be huge.In some cases if density levels have increased for zoning the answer might be to tear it down and build new.

What are some little "inexpensive" add-on / upgrades can I do to the home help increase the rent while at the same time giving them the security that I am trying to make this place better for them?

You need to concentrate on improving your employment situation and increasing your income.

So when rents move up from $500 per apt back in the year 2000 to around $1,900 today for one of my buildings, the value of the building increased from $140k back in 2000 to $1.4 Million today.NYC is a Future Value (FV) play.

@David Cruice Primarily because i like the cash flow on the property where it is so i don't want to increase the monthly payment or see a rate increase. 

You'd be better off partnering with one or two other people in a deal this size to increase returns for everyone.

I used to like American Standard but have had issues with one of our latest so my top choice is Toto.  

When the cost of money rise (higher interest rates) cap rates increase. its simple investment fundamentals.