I'm considering doing updates like bathroom flooring, kitchen counters/backsplash, etc to modernize the space and make it more competitive to the newer construction condos in the area.How should I think about this investment considering rents during COVID are ~30% below pre-COVID levels, and there would be wear and tear on the new finishes long before rents return to "normal"?

It’s art and science combined.

IF the real estate professional currently holds a job/business active in real estate this qualifies in many case however, Mostly this simply requires purchasing an active sfh or duplex in same year to combine the losses under one grouping.So will the maximum benefits always apply to everyone no, but then again, not everyone invests for the same reason or will take the actions needed.

Some of the folks I know and respect locally are starting to modernize a bit, but the industry is still evolving.  

Assuming I get an 80% HELOC on both properties I would be just over $100K when combined with my savings.

Combined the houses rent for $2850.Below the Images aren't in the right order but gives you an idea of before and after. 

I would say, your best bet is to pain the units a modern greige color like Revere Pewter by Benjamin Moore.

the reason being I don’t have enough equity on each property to use as a down payment but if I were to combine the equity I def would.

That typically adds up to about 10% of ARV for both entry & exit costs combined.

I feel like I need help finding buyers who are interested in something other than modern - but do they still exist?