We present two-color modulation transfer spectroscopy as a tool for precision studies of atomic properties of excited states. The bi-colored technique addresses a narrow set of velocity groups of a thermal atomic vapour using a two-step transition to "burn a hole" in the velocity distribution. The resulting spectrum presents sub-Doppler linewidths, good signal-to-noise ratio and the trademark sidebands that work as an in situ ruler for the energy spacing between atomic resonances. The spectra obtained can be used for different applications such as measurements of energy splittings or stabilization of laser frequencies to excited atomic transitions.