You should do whatever refreshes your cash/credit pool the fastest so you can move on to the next deal.

It needs its mortar refreshed every few decades.

The one "old single lady" who is currently there may find it refreshing to have a neighbor closer to her own age.

Refresh Exterior landscaping, remodeled bathrooms and kitchens is what will get you the most on your investment.

Can you imagine going into a gas station with a sign out front saying gas was $2.59 a gallon, and when you went to pump the gas you first had to pay a $15.00 fee for using their pump, an $8.00 "lot fee" for parking you car in front of their pumps on their property, a $17.00 "roof" fee because there is an awning over the pumps, and a  $14.00 "snack bar" fee to cover the fact that should you feel the need for a cool refreshing beverage, you have the option of walking in and purchasing an Icee for $1.99?

If the house is fine and just needs a refresh, you have much more options for financing the repairs  than if its condemned etc.

Partnerships are easy to get into, not always so easy to get out of.I occasionally listen to a podcast done by an attorney and accountant named Refresh Your Wealth that has covered partnerships a number of times, most recently this past April in Business Partnerships – Do's & Don'ts so it might be worth a listen.In any case, congratulations on working on your first investment property, and be sure to say hello if you come to the next RIREIG meeting!

Refresh the listing and attempt to draw more attention.

Is it just a cleanup, and refresh to get a bit more rent? 

Put 25k down on it, and spend the other 15k sparkling it up.