Growing real estate units or renovating?

[Pedro Alvarez]

My spouse and I started buying multifamily properties in New Haven, CT a few years ago. We currently have two small multifamilies, total of 5 units. We are always debating whether it is better to put our money toward growing and buying more properties, vs maximally renovating the two we already have. They are old houses (like everything in New Haven) and no significant deferred maintenance, but things like adding AC/mini splits, parking spaces, in-unit laundry would definitely increase our rents.

I'm inclined to grow the number of units first, then renovate as needed to maximize rents later, when we're closer in our lives to using the cash flow for ourselves.

My spouse is more inclined to add all the extras to maximize rents now, and go slower buying new properties.

Can anyone weigh in on either side?

For a bit of context, we are lucky to both have stable high paying jobs so we are able to save enough from our W2s for a new multi family (down payment and renovations) each year without touching the real estate income (which is not too much at the moment but it all sits in a bank account for emergency real estate maintenance issues and deferred maintenance) 

Thanks!