"Dress it up" or keep it "good enough" - How do you decide?

[Jay Dean]

I am curious to know how people run the math on a "facelift" for a buy and hold rental.

In my case it is a $55,000.00 property.  Considering up to $5,000.00 in upgrades.  This is assuming that I am going big.  Nice counters, new tile, and other higher cost upgrades.

Rent without upgrades $835.00.  With upgrades $885.00 possibly more.

My simple math says it will take me 8.3 years to get my upgrade investment back.  Of course, I will also be able to sell for more as well.

Your thoughts?