To BRRRR or not to BRRRR? That is the question.

[Richard Matthew Prock-Golan]

I just bought a property (I've posted about this already), and it has been appraised at $26k over purchase price. I'm struggling to figure out the math (not my best subject in school) and what to do to spruce it up enough, without doing too much, to take that equity and roll it over. 

I guess I'd like advice in three areas: 1. What should I be calculating to see if it is worth it? Obviously my money down and loan amount are in there, reno costs, and...? What else? 2. Which is the smartest way to get the equity out- HELOC, cash out refi, etc.? 3. I'm afraid of redoing a bathroom and/or kitchen but it not adding enough value to make it worth it. Three of the comps were a bit over the price I purchased for. I'm assuming I need an in depth analysis of the comps to figure this out, but I'm afraid I'll go down an abyss and then end up doing nothing.

Any advice is appreciated advice.