Forced Appreciation VS New Purchase

[Tom Gray]

Hi,

I am curious to see how experienced investors would approach this situation. I recently purchased an auction house and after rehabbing the interior I rented it out for $1050/mo. I have a total of $36,000 cash invested after rehab and I would not be able to refinance until January 1, 2017(1 year after purchase to refinance based on appraised value). Current comps put the value around $75,000.  I am going to add an A/C unit this month but also have been considering replacing the old aluminum siding that is faded and ugly to new vinyl siding. Estimates are coming in around $6500 for siding. 

I would like to purchase and rehab another property. If I do both the siding and new property rehab I might be running a little tight with cash reserves (around $10k and currently have 5 units). Would you guys go more towards forcing the appreciation before refinancing on current property or put that money towards another purchase?