Kitchen Remodel Questions

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Hello all! I just purchased my first property in Colorado Springs and am considering remodeling the kitchen, but I was looking for some input from the BP community. The house is a 3/2 in a desirable neighborhood that I will be house hacking. As it is the kitchen is functional but I personally would like the space more if it was updated. The cabinets are the original boxes from the 50s with, but were updated with plam faces and doors. Currently there is a wall between the living/dining room and the kitchen with just a doorway between the two, and both spaces are a little awkward.

I work in the construction industry, so I have access to a lot of materials pretty cheap. My thoughts include opening the wall between the two rooms a bit and redesigning the kitchen layout. Along with a few pictures of the property, I have included a current layout of the property and two ideas I have been thinking about for the new kitchen configuration. 

The big question that I have though is how much value would updating the kitchen add to the property? I know if I were trying to flip it I would want to do the reno, but if I am planning on holding it for a while would a new kitchen help to increase the rents? I have been getting mixed results when I've asked others about it, so I'd love to hear your thoughts!