CoC Return: Maximize one property or split across multiple?

[Abby S.]

Long story short:

Multi-unit property I have with nominal investment (light renovation, say 25k and no tenants leaving) can get a 10% CoC in an A+ area. Downside is, renovation is cosmetic, and the building's mechanicals are old so things like heat are on me and I'll have to factor yearly maintenance costs. It would leave a lot of cash on hand for a second or third property or BRRRR - but while waiting for this, the money at best is getting 3-4% return in savings being fully liquid.

With a full renovation to condo-quality rentals, the numbers I'm seeing are in the 350k ballpark with an additional 6-9 months of vacancy, let's call it 400k required. The math still shows CoC return being about 10%, but with much much more cash put into the property to get there. The upside: beautiful, reliable (more hands off) and attractive rentals with utilities on the tenants in an A+ area and set up for the long run. The downside: all the cash on hand put into the rehab, and while a refi could be done considering the much higher valuation (a kinda half BRRRR) - it would have to wait out for rates to be reasonable.

Which way do you lean? Less effort and less return, but less reliable with flexibility to buy in the downturn? Or put your eggs in one basket for a top notch cash producing property (that could even at a later time become a condo conversion easily)?