Rehab, How Good tho?

[Tsz Mak]

Hello folks, been reading into this forum and completed the BRRR book(David G). I haven't made an offer yet on the property, but trying to come up with a fair offer as I'm going to see it tomorrow. Here is the rough "numbers"

List Price: 250K
ARV: 300-330K
Repairs: 24-40K

I'm having a tough time deciding basically how much should repairs be spent. At the lower end it will be rental ready as the property already has tenants in it, but low 900-1000 rent. I'm hoping to increase it or find better paying tenants. Also knowing that Rehab/Refi is another key to the strategy, do I aim to get appraised as high as possible, or stay low to keep CAP rate higher to make better cash flow?