I am only looking for something small  - less than $10k for minor plumbing issue and electric upgrade. 

But now I am able to bump up rents $100 to $200 with very minimal interior upgrades between turns.

If the apartments are contractor grade and your property is upgraded, then you can potentially charge more.

Hi Ryan, If the comps support 175K ARV by those upgrades you mentioned, then you can be optimistic because they're obviously selling for that price.

I want to do the upgrades with resale in mind.

If they are *good* comps (within 1/2 mile, sold in the last 6 months, same basic floor plan, same basic vintage, same basic upgrades, same side of the freeway or river, or mall etc) then 3 is fine.

Probably the biggest red flag is that even with improved rents I'm only seeing a gross noi of 5.4% on asset value and after allowances, expenses, and costs to upgrade it's probably well south of that.I like your thinking. 

I am trying to make needed renovations but also want to be conscious of renovation costs.

The Smiths purchase the house and then upgrade their countertops for $10,000. 

All new plumbing sink and faucetsElectricalThere are 2 old 60 amp services that need to be completely upgraded to a 200 amp service.