Painting exterior and redoing driveway on a triplex

[Francisco Dos Santos]

Hello,

I bought a triplex last year, and now that I'm cashflowing comfortably I'd like to make some improvements. The driveway is cracked and has a big hole behind one of the parking spaces, so it would probably need to be completely replaced.

The color of the house i think could also be better, it's kind of a sad brown with no character or brightness. However, this may be cosmetic and I could be better off leaving it until it's necessary. The caveat here is that I do need to paint the doors and it'd be better to match the color to the future color of the property.

All that said, I've had no problem finding tenants and get plenty of applications around market rent. So do I really need to make improvements? Not trying to be a slumlord but want to hear your opinions.

Some numbers:

    Exterior paint+doors quote: $4300

    Redoing driveway: no quote yet but from what I've read ~$4000

    Revenue: $4380

    Cashflow (all expenses, 5% vacancy, 10% maintenance): $621

    Cash investment: $44000

I don't need the cashflow, but it would eat up about a year of cashflow . The property is in south florida and has appreciated (according to redfin) about $80k. It's also in a rough neighborhood, but there's a fair amount of new construction and renovation going on; both of the adjacent houses look better than mine. Picture below, you can see a part of the hole behind the first  parking space.

Would you guys go forward with both of these improvements? neither?

Thanks for the help.