Upgrading building in Gentrifying Neighborhood

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I'm  in a predicament of handling a family owned residential building in a area of town that is quickly gentrifying. I have my own thoughts on that loaded term. The building has been rented to only one ethnic group, mostly on low income, some have taken advantage either by suing or illegally housing more people, others have been fine. The elevator has been out of service last 20 years since I've ever known about it. My plans are to replace elevator, renovate apt to higher standards, and start screening for top quality clients. I have to put together a spreadsheet and figure out budgeting for capital expenses etc. I'm afraid this was never done and everything has been fly by the seat to whatever situations would come up. I want to automate management of this building. Anyone had experience in huge renovation and turning around a building. Paying for reno should of been budgeted into cash flow but I'm thinking with the elevator needing to be replaced we'll have to refinance. Time frame of getting this done and over with. After refi will need to pay that off considering using loan to renovate and find better clients in apt to pay back loan quickly. Should this take 3 - 5 years? I'm thinking will be breaking even no positive cash flow on this building if I go through with this renovation and elevator replacement. A new elevator is quarter million dollars at least. Not worried at all with vacancies as this is a prime downtown location near new development, new organic supermarket and 5 minute walk to 3 different train lines or even a walk to financial district. 

Best

Justin