system upgrades for higher ARV when seller completed cosmetics?

[Lee Cruz]

I ran across a listing going for 110k for a decent C class area. 800 sq/ft 2/1. Typical price would be around 150-160k. Looks like cosmetic was done, flooring, kitchen, washroom and appliances. But not system upgrades like furnace, roof, siding etc.

Have you guys ever purchased a cosmetic finished home, and only did mechanical/system upgrades for a higher ARV for a BRRRR strategy? I plan to do siding, furnace, hot water tank and electrical if needed. How much higher can it appraise if the appraiser comes in and sees a system upgrade only?