Should I fix up my multifamily or just sit back and earn cashflow

[Andrew Michaud]

I bought a 3 unit multifamily. This is my first property EVER, I have been a landlord for a month. All long term tenants on this property that I have inherited. And hope that they stay for as long as they did with the previous owner. Property cash flows about $700/mo after the mortgage and expenses.

The property does need some work to attract better tenants in the future and to make the property look more appealing. Property needs new doors and windows, also needs to be switched from fuse system to breakers. These are the only things this property does need.

My question is this. Should I worry about replacing these windows and doors, and switching to a breaker system now or later? 1. I plan to refinance next spring as I have 20k of equity in this property. 2. The tenants are very laid back and I have ran these ideas of updates by them and they have no problem with it, especually considering they are paying for heat and this will deduct on their cost. 

PROS: 1. Updated Windows and Doors and breaker system before my refi. 2. This will also spruce up the property. 3. Will attract a better tenant in the future.

CONS: 1. More money out of pocket up front. 2. I have to live with my property looking slightly rundown with all of these old windows and doors for I take a lot of pride in what my assets look like. 3. Tenants say they don't mind but in all reality I would expect them to get a little irritable in some way with their unit under construction.

Not sure which route to take here. Should I go for it and spend the money up front then refi, or should I sit back, leave the good tenants alone, enjoy the cash flow, live with the property in my view looking slightly rundown, and wait to do any major updates after a tenant leaves.

P.S. Either way I still plan to refinance this spring.