How Do I Decide When To Make Updates?

[Benjamin Beyer]

Hi BP Nation,

I've been a landlord for a couple years now and one thing that I've always struggled with is deciding when to update stuff in my property. 

An example of this is my one unit's electric range. It works fine but its about 15-20 years old and looks outdated. How do I decide where the line is between being conservative with my cashflow and spending a couple hundred bucks to make my property more desirable?

Thanks in advance for your insight.

-Ben