We purchased the property with a conventional loan and 5% down, 30 year, and a PMI obviously.We are doing some significant updates and upgrades that will increase property value.

However, there are several things that need replaced\upgraded.  

Here is how I approach it-Same type of property, bedrooms, bath, etc (if I can find similar houses)I try to keep the Comp properties in the same school districtI go back 3 months to start (the market is different now than it was 6 months or a year ago)Then I account for upgrades, market temperature, etc.That gives me a range- if I feel the property should be higher than average I need to be able to justify that because properties are sold twice- once to the buyer and once to the appraiser

Are you getting new electrical, hvac and plumbing put in before renting or perhaps most have already been upgraded? 

I also got the opportunity to look at 3 of the units and I can definitely upgrade them with simple cosmetic upgrades.

Personally I wouldn't upgrade from 08 to current if I had to pay unless there's some new feature you really need.

I've linked it below:Niagara N2517CH Sava Spa 1.75 GPMSaving money is nice, but everyone from yuppies to hippies likes saving the world- I suggest letting prospective residents know that you have water-efficient appliances(after you've installed them of course,) most people like being eco-friendly, so you can turn it into a selling point for your apartments. 

I'll try to be concise in my question while providing enough detail.I just completed upgrades (new vinyl plank flooring, purchased washer/dryer) for my rental property while I'm between tenants.  

I bought a brand newly built town home with many upgrades in july/2016.

With carpet, I usually go with one of the more expensive carpets instock at Lowes, and upgrade the pad.