Syndications "adding value" seems more like lipstick

[Chad Lamb]

Hey all, sorry about this clickbait title but I have been looking through quite a few syndications deals to passively invest in. I'm new to this and I'm trying to understand the risks. To me, when you say "value add" I imaging adding value to the renter. To me, this means adding a gym/or updating it, in unit washer/dryer, updating pool, BBQ pit, etc. What I see more of is semi updating, adding a back splash, changing from white to black appliances, updating a leasing office. Things I personally would not pay extra for, but I tend to be more frugal. 

 At this point in the cycle I'm really trying to understand the risk that the appreciating multifamily market has hidden. Any insights or opinions on this "value add" component would be greatly appreciated. 

Thanks!