It is a duplex near scranton PA. the Mortgage is about $2,400 and each tenant pays $1,550 monthly in rent so I make about $700 in cash flow monthly.

You take the div to pay on margin %, your sub 6%. 

Rookie investors often over-improve properties as if they were living in them, which only hurts the bottom line.

People line trees, water, walkouts, boulders.  

Just curious, are you lined up an agent in that market and also connected to a lender?  

If it's going to be a bonus space for your rental, or you want to keep a very unique and vintage vibe going, and it's not operational (say it's a gas fireplace and you cut off the gas to it) then it could stay.

For a bathroom or kitchenette, the biggest factor is plumbing...if a water line is close, your in the money,  if not, costs jump.Best approach for now?

I realize that commercial investing is more in-line with my goals, so I have wiped my slate clean and ready to start over from the beginning.

You cannot just raise rents 50% Not sure what your cash reserves are or if you are planning to 1031 or something along those lines but I would rather see you keep cash in your pocket and apply it to a rehab that involves addition or updating kitchen/bath so you can see sizable jump in ARV and rent increases.   

@Sam Hudacek the problem with this method is that the people you want to reach out to down the line won't pick up your calls!