I am upgrading and repairing some flooring in a unit as well. 

What about a broken water pipe? 

A good value-add candidate is one who is in a strong area where people with sufficient income live and can afford to pay for the upgraded unit.So Which Strategy Is Better?

Assuming I can move existing tenants by enticing them into upgraded units or that they will move out on their own, I expect that my COC and the value of my property will be substantially higher at the end of 2021.I hope that this helped.

@Eugenia K. generally speaking spending capital on upgrades is not advised in a down market.  

@Ryan Reddy one more thing- don’t spend a ton upgrading features that could easily just take a “facelift” instead.

I put new roof, paint and cosmetic upgrades and expect to be full by fall.

That was an actual message we received after having to cancel 3 guests due to a broken pipe. 2 of which couldn’t care less.

,  make it mandatory to have the dog wear a muzzle for any time they are outside, and attach a very harsh penalty if this is broken.   

We sold 2 properties recently which were 1st time Harvey floods close to 90%of Pre Harvey comps because they had been nicely upgraded.