Rental SFH Remodel/Raise Rent...calculations?

[R Walter]

I have a SFH that I bought and kept the tenets and the rent rate....now 3-4 years later I am curious what math is used to decide when to move them out. Remodel. Raise rent. Currently rent is 1/2ish ($700 now to $1,000 after) what the market rate is but remodel would include new kitchen and 2 baths plus paint 100% of inside. Remodel would be about $30,000 on on a $200,000 house.

Someone smarter than me break down the math a teach me a new trick please.