Upfront cost for higher return vs immediate occupancy

[Justin Husband]

My question is this: should I try and get a tenant in my rental as fast as possible or spend the upfront money to improve the home so as to have it appraise more? This way I can get a bigger sum from a cash out refi. The home was inherited and we had to pay half for it to give to a sibling. So technically 50% but very dated and needs some updates.