But the property turned out very nice and we are happy with the updated/upgraded systems of the house and should have limited capital expenditures upcoming for a significant amount of time.

Recently upgraded to a v6 Chevy that gets great mileage compared to most trucks and can still do everything I need. 

Remodel as the tenants leave and then raise the rents to reflect the upgrades. 4.

Maybe worth it to upgrade?

My question is what paths do I have to purchase the property and use most of my cash to upgrade a few things? 

I am a contractor in Atlanta and a $15/sqft rehab is basically interior paint, paint cabinets, countertop, new tile, new fixtures, flooring, etc but you have no room for any system upgrades or any problems to arise (rotted floors, faulty wiring, etc)

Upgrades will include new solid surface countertop, cabinets, upgraded laminate flooring, trim, and carpet in the bedrooms.  

Reason why we are asking, is the appraiser will need to justify how value increased by $33.5k.We did a few upgrade ourselves but nothing major that needed a contractor; mostly clean up, fixing fences, changing bathroom hardware, etc. 

I just bought a 3 unit property in September that needs some minor upgrades. 

So, a good tenant in place who want to stay is GOLD to me.If you really feel like you want to keep the rent as high as possible, perhaps reward a good tenant with a small upgrade.