How much to spend in renovations if rent would go up by $200?

[Ali Ahmed]

My tenant vacated on Aug 1st and I am getting bids to do repairs/ upgrades. Currently there is carpet which i plan to change to tile and the bid came in at 3k. There are other miscellaneous repairs that are long due and needed (including painting) that amount to 4k. And there are some good to have items like granite counter tops, remove popcorn ceiling etc. Total renovation cost would go up to 10k if I were to do all of them but the rent increase I would see from previous rent collected is anywhere from 200 to 250 a month. Now, is there a formula to calculate how much one needs to spend vs rate of return in rents? I can definitely modify my list to replace carpet instead of doing tiles and exclude granite counter tops to maybe get 150 more in rent. Thoughts?