New member and a question about my first flip

[Ryan Best]

Hi,

I'm Ryan, and live in Studio City, CA.  Just joined BiggerPockets and think it's great.

I have a question for you:

I just purchased a Coldwater Canyon condo for $360k in Studio City (appraised for $395k), and it is in low-average condition. The unit next door is in great shape/move-in ready, and is in escrow for $420k; identical floor plan and space.  In order to bring my unit up to almost the same shape, it will cost about $25k (update kitchen & appliances; flooring, update bathrooms, dual pane windows, scrape ceilings, paint, etc.)

Is it worth $25k investment to upgrade the condominium and then sell (based on the value of the unit in escrow); or should I do the basics (new paint, rugs) and then sell (based on the appraised value)?  

I can certainly "run the numbers" and make a decision based on just that...but would like to hear from some of the members regarding doing the improvements and selling versus not doing the improvements and selling...and if there is something I'm missing in all of this besides just numbers?   

Thanks!