I agree that it depends on your market. We bought a super run down duplex and are now fixing it up.
We did all new paint throughout, just an off white color. New flooring in the living room, dining room and kitchen. Painted the cabinets, added a back splash and epoxied the counter tops. We also bought new stainless steel appliances.
Our next move is new siding and new roof.
As of right now we are the ugliest house on the street (on the outside), but once we get the siding and roof done we will definitely fit right in with the neighborhood. The other Multi-Family properties near us won't be quite as nice as ours when it is finished, but we will be able to charge a slightly higher rent due to the updates. Our current tenants are loving the updates and understand that their rent will go up slightly due to the updates. We let them know what our plan was with renovating the property prior to them moving in.
Photos Below. Before and After