So I have a house under contract and from the first time I've seen it, I've been pondering what to do to the front of it to make it stand out better.

Change your screening process to screen those attributes out.  

In addition you have $700.000 in equity sitting in the property that you have not attributed any return on. $700.000 invested at 5% would return $35,000 per year in income.

@Josh CarriereCan the utilities be attributed to a single unit and set of tenants?  

I'm of the opinion that I like my properties to look great and stand out from the competition.  

That means that even though cashflow-wise, I am in the same position as I would have been by renting, I have increased equity in the property (net worth) of $7,500.Unlike rent, everything else I pay for is a tax deduction with the exception of the portion of some expenses attributable to my personal use of the property (the 12.5% of the property I use myself) rather than my business use of the property (the 87.5% of the property that I rent out to others).

We bought in a B area and that fit us well because we don't really stand out and we're in a neighborhood with a mix of duplexes and single families.

Just FYI, the property values were skyrocketing  prior to the announcement of the stadium, it's just being attributed to the stadium at this time.  

Therefore, the 1500 to 1600 would eat into any rental increase attributed to the renovation.What are your thoughts on this?

Although it occasionally happens, you usually do not get a tenant candidate with a great credit score, no debt, incredible income, good neighbor skills (add your list of perfect tenant attributes here) on your first showing.