Master bath or exterior freshening for higher ARV?

[Michael Tyler]

Rehabbing a cosmetic fixer, and as reno started I ran into a few extra dollars to use. Looking to maximize ARV for a refi.

House is a 4br/2ba with a weird small kitchen upstairs. We’re yanking out that kitchen and turning the room into a 5th small bedroom. However it was suggested we could use the room as a master bath since it shares a wall with the master bedroom and already has the water pipes in the walls.

The exterior of the house is a little shabby but not the ugliest house on the block. Could use some fresh paint, etc.

Would I get more value-add out of increasing exterior curb appeal, or adding a master bath?