It's like working for free or at a discount and hope that you make money.

Unlike some people, I believe HOA is good costodian often finances, get volume discounts, do the effort of hiring contractors and maintain common space so in that regard I consider them a value. 

Any advice on how to give this bathroom some updates while not overspending?

When you say equity capture, are you referring to purchasing at a discount?

The builders offer credits to buy the rate down, or they offer a discount if paying cash, so these make sense.

One last point: If there is a higher tenant to bathroom ratio, a simple dry erase "shower schedule" on the back of a bathroom door can work wonders.

If have RCv vs ACV all that means is a 90%+ discounted roof replacement every 17yrs on average.

First unit includes the first floor and basement, with 2 bedrooms and 2 full bathrooms.

It's really only relied upon in new construction and even then I would place more value on a discounted cash flow with assumptions for time to stabilize to market occupancy.

The last comp from down the street from 06/2024 is 412,000 ( same sq ft bathroom bedrooms).