Repairs before refinance?

[Ryan Makipour]

I purchased my first home in 2012 and have rented since 2016. I'm looking to refinance to take advantage of lower interest rates and pull some equity out for the downpayment of a second single family rental home via a cash-out refinance. I'm thinking about doing some deferred maintenance for the home (gutters, soffits, fascia) that may not return rental value to the home. Would this be wise? Any steps I should consider before refinancing?

Thanks, Ryan