If you have a broker they will have a profile on all your current insurance so they run these numbers automatically for you. 

However, if I had the money I could easily find uses for $30k in improvements (Debating between aesthetic and functional improvements).

In fact, some banks may assess your creditworthiness in combination with your partner, bringing your overall financial profile down.

New construction seems to be assigned a higher tax value than improvements or say an addition to living space.

I understand there would be interest, fees and improvements to be reimbursed, but the purchase price my partner paid would not be reimbursed?

I then rented it out to a couple young professionals who have actually improved the property since they've lived there (Best tenants ever!).

I then rented it out to a couple young professionals who have actually improved the property since they've lived there (Best tenants ever!).

I hope they improve but I am considering other options if they don't.Another note; they are always very friendly on the phone. 

@Asury Johnson - good questions...I’m walking through the house tomorrow to assess condition - last summer I saw him paint the exterior, install a new roof and AC, and made some interior improvements, too.

(Mostly car loans, 3 year terms left, and a 4 year home improvement loan).