Quote from @Frank Pyle: You can refinance with conventional but value of property for LTV purposes will be capped at purchase price plus documented upgrades for the first 12 months.  

Also doing all new plumbing and electric service/panel upgrade to 200amps.

Full gut renovation, including but not limited to full replumb, full rewire, complete mechanical upgrades, and new apartment finishes from studs.

Spend what’s needed to upgrade with reliable mechanical systems, roof that doesn’t leak, remediate all mold; interior design modernized; in other words a place that will attract a higher income no hassle tenant.  

So, you either need to plan the repairs into your operating expenses so when it's time to repair/replace something you're prepared or you need to repair/upgrade at your entrance in order to put much less away per month for CapEx.If you need a CapEx calculator or a cash flow analysis calculator check InvestingTE.

I was going to complete some notable upgrades on it but do not have a lot of experience in completing some of the tasks.

Properties like the Michigan complex offer a unique entry point, combining cash flow and significant upside potential.Immediate Cash FlowThis particular property is projected to deliver 6% annual cash flow from day one, already exceeding the yield of Treasuries.Value-Add RenovationsThe property includes hundreds of units that can be upgraded to Class A finishes, justifying rent increases.

As a SFR investor for over 15 years I have been wrestling with this question in the past, because it feels like you should upgrade to "bigger".I know for sure that I would not enjoy the ownership experience that comes with a small 4F, because in Milwaukee that typically also means lower income tenants. 

I believe the price points of the apartment units will dictate appliance specs/packages but appliances are something I always upgrade over those offering competing units.

At the beginning, it may be difficult to get a more expensive property that will appreciate well and so your choice is go with the cheaper property and get cash flow until you can sell and upgrade, or wait for a really good deal which you may be waiting for quite a while and its possible that you will have spent so much time waiting that you could have purchased multiple cash flowing properties by the time you get a good appreciation deal that you can qualify for / refinance after the rehab. i know anyone can go out and get seller financing deals, HML, flip to build capital or whatever the case may be I am just saying sometimes those will be harder and could result in less deals overall.