I'm looking at homes in the 1.5m-2m range and they are just so terrible, cute little cosmetic upgrades to old homes that are quite uninspiring. 

Choose the best block you can so you attract quality tenants and if you can afford to invest in some cosmetic upgrades then all the better. 

Hello BP family,
My name is Garth and I'm a local wholesaler in the Northern Kentucky/Greater Cincinnati market and I was hoping to get further insight regarding how to best handle separating HVAC in my 7-family.  Cu...

And none of the above costs significantly more than their lower grade counterparts.I also think it is important to do lots of cheaper upgrades that give the place a higher end feel.

In the Southern California markets, the better deals I am seeing are 4-5 caps on older properties in established neighborhoods that might eke out a cash-on-cash return of 1-2% to start, with the potential to get that up to 3-4% in a couple of years by investing in some modest upgrades and bringing rents closer to market.2.

Upgraded driveway, etc.

You can do both- buy in an appreciating market and make updates/upgrades.

After repairs and upgrades I'm all in for right at 100,000 and I cash flow more than 1,000 each month.  

Even if the subject property has more upgrades or renovations.  

Never allow tenants to do repairs or upgrades.