The rent/value increases you can get in these areas with basic cosmetics is a wide spread.Lower cap rate deal that makes six figures in equity with a value add always trumps a higher cap rate deal that cashflows on paper a little higher but who's price stagnates.

I am looking at a potential rental property, it was built in 1994 and has no cosmetic updates  (wallpaper borders, formica countertops in the kitchen and bathrooms, old plumbing bathroom fixtures, a slightly mauve/brown carpet that is in good condition but dated). 

Biggest advice is find a deal that needs some cosmetic updates but not major work.

Do not focus on cosmetics such as granite countertops, whether you sell the property or keep it yourself as a rental what matters most is the functionality of the units.

Looking for some advice and opinions on if I I should go through with foundation repairs or not worry about it. other repairs needed are roof, and replacing some siding, and cosmetic work within the interior.

Either it's just minor cosmetic stuff and it does finish in 2 months, but the value isn't there in terms of the appraisal for the cash out refi.

At 54, I never imagined that I would have a brain anneurrism and a stroke two days before my planned surgery to correct my problem that my head surgery would correct. 

There is a learning curve and everything is not as smooth in the first few months.with the BRRR option, there will be equity but am not sure it will be instantly refinanceable to do another purchase @Alex Olson is spot on with advice on not overpaying and buying a small multi family with cosmetic rehab.Best of Luck!

Definitely, all the apartments needs cosmetic work and to be updated. 

cosmetic changes, buy and hold What was the outcome?