There is no given answer here, because the whole property needs to be relatively consistent.Kitchens and baths are the common answer, but if they are passable and you choose to invest in them anyways at the expense of peeling paint (or off putting exterior color) and overgrown landscaping, the appraiser and tenant will be walking up with a bad taste in their mouth, thereby not valuing the interior work you have done.But think about the general flow of someone looking to rent: more bedrooms will typically dictate more rent.  

"you sure do got a pretty mouth...."  

On that topic I completely agree with you Scott, @Mark Miles has done nothing but bad mouth the Pocono region for years now!

If done, in light of all that I guess some will feel much happier when walking though Home Depot parking lot. 

No one knows what will happen, but you can read the plan straight from the horses mouth and it does not look good for the future of subsidized housing.

Likely, but you're ensuring a (potentially) happier and more loyal tenant for the long-term. 

-TylerYou will be much happier I am sure moving up in asset class..

"How in God's name do they plan on making a profit" would come out of my mouth all the time.

I couldn’t be happier with the results so far.

At least that way you'll get a pretty good idea on whether the original valuation is accurate or not.As for what to *do* with the valuation: @Rui Dias Costa took the words out of my mouth :)Sidenote: Are there any chances to add a significant amount of value to the property (e.g. another bathroom/bedroom)?