If the place is in good shape, but needs aesthetic upgrades, you might just sit with it for awhile and see how you feel about it in a few months. $20k is a lot to invest in hopes of creating $300 per month in additional cash flow.

Sometimes out of fear that they'll bring in unwanted attention from those outside the community or simply that they'll lessen the aesthetic ambiance of the community itself.

You want to be able to see, and if possible, tour projects they've recently worked on so you can see if their quality and value are in alignment with what you're looking for.Again, this is very generalized and somewhat stereotyping, but typically the Architect is the designer when it comes to a pleasing aesthetic, quality materials and functional design.

Ultimately the decision is based on a combination of what the city allows your to do, desired aesthetic, and your budget.

Knowing whether you can get that depends on your exact location, the aesthetics of your interior, whether there's parking, and the other amenities in your building. 

Once your forecast is determined, stick to your budget even if you have to make sacrifices in aesthetics without compromising quality.

Hey Eugen, If you're not concerned about the aesthetics of the yard, there may be one of the concerns you may want to consider.

I would have to approve the look of the garage doors for aesthetic purposes.I would have a written agreement from the tenants stating that I am not financially responsible for any of these specific improvements, and that they agree that everything stay intact and with the property upon their move out.

Oh one other thought, too@Michael GuzikThere's no simple answer here as different things work for different peopleWe try to focus more on quality (or put another way, these are items that we've found some of the most value - perceived or real - in terms of our rentals on the following):Lighting (do lots of recessed down-lighting with LEDs)GraniteHardwood Flooring (this is actually CHEAPER, but more TIME INTENSIVE)Metal Roofing (this is an aesthetic, and lifecycle cost considerationIn almost all those cases, I have more of a DIY/active management proclivity on these items because they would tend to be very COSTLY to bring in a 3rd party to do. 

Obviously when marketing to investors rather than retail buyers the conversation changes from mostly aesthetics to metrics, so what numbers (ROI, PP vs ARV, cap rates, cash flows etc) are buy and hold strategists generally looking for?