To answer your other questions- no, you don't perform capital improvements just for the write offs, it's not a 1/1 ratio, you don't get that money all back. 

Direct Control: Managing the project yourself gives you direct control over every aspect, from selecting materials to scheduling subcontractors, ensuring that your vision is accurately 3.Learning Experience: Taking on the role of a GC can be a valuable learning experience, providing insight into the construction process and improving your skills for future projects.4.

Looking for some feedback on an idea I’ve been considering.  I have an older single level 8-plex on .75 acres near downtown phoenix.  The existing buildings only occupy the front portion of the lot, leaving about .4 a...

They also allow improvements (with documented evidence) to the property to be backed off the sales price for basis.If you do not need the money and don't mind the cash flow, consider owner finance and carry it out for years.  

I would rather pull them myself as I believe it would best improve my knowledge of the area.

That's often a big area to improve heat efficiency.

Now I'm left wondering whether it's best to lower the price to get the property off my hands asap or to make some costly improvements that will probably neutralize any increase in value.

You have to mine 240 tons of soil for the rare minerals used in Electric batteries.  

My questions here would be around the anticipated appreciation and any potential for improvements - either forcing appreciation or increasing rents.

So,  I recommend you invest time in learning the process on your first property while improving your cash flow at the same time.