I also walked with my appraiser as he did his report to make sure he knew all the upgrades I had made).For 5 units plus the appraiser will most likely use NOI*Cap rate to evaluate a fair market price.

That is where I am paralyzed, keep chunk in an play appreciation game or keep looking for something that I can upgrade more, refi out and keep building.

However, WHAT DOES AN APPRAISER OR HOW DOES AN APPRAISER PUT A PRICE ON AN UPGRADE?

making rehabbing and upgrading units, What was the outcome?

Calculator can use 5 times or upgrade to pro for unlimited use and spreadsheet in the files section.

Fix things that are broken and when cost of repairs hit your tolerance of replacing a whole unit, go ahead and upgrade it, but spending thousands earlier than you need to shouldn't be in any business plan.

Since the house is on a crawl space you'll probably need to do the upgraded stuff with the backing on it because the glue down will show every imperfection or crease in the subfloor.

BP has both, Calculator is limited to 5 uses unless you upgrade to pro and in the files section there is a  spreadsheet.

Since owning the property they have made several of upgrades to the house.

I just shop and shop and when a first class ticket comes up that I can use my status for free upgrade I grab it.. :)