Here are some bulletpoints of our “wish list” and some items that we know need to be fixed:- bathrooms: 3.5 bath - two definitely need upgrades.

Purely cosmetic: kitchen and bathroom upgrades, paint and flooring.All-in I’m at 60% of ARV.

One immediate thought is to submeter, another is to slowly do cosmetic upgrades and increase rents. $595/unit seems low for rent, but then again I don't know your area.

The property recently had $25,000 in upgrades and repairs.

Unlike Americans, Germans do not continuously upgrade.

I recently helped a client get 200K higher evaluation in 8 months without doing any upgrades. 

You can live in half, upgrade with sweat equity, and move out when you have saved more Capital for your next purchase.  

The handyman's side has been upgraded by him.

For example, if you looking to put in brand new cabinets and counters, but you still have the old 1940's stove that doesn't work very well then it may not be the best upgrade to do before you update some of the more used systems in the house, but that being said, over time you are going to want to make the units look nicer to attract higher rents and higher quality tenants.  

We would like to upgrade the units and improve the overall property.