In BRRRR, how much Renovation is enough?

[Mehgan Moore]

I am trying to decide my next move, perhaps you can help?! I have a SFR that cash flows over $500/month. It's by far one of the smallest houses in the neighborhood. I have a great long term tenant in it who doesn't want to leave and takes good care of the property.

Should I kick the tenant out and do a massive renovation to match the neighborhood? I am thinking it's a good idea simply because I could then refinance and pull out equity to pay for another investment property.