We picked up a MF that needed a LOT of upgrading.

I don't know if it would go with the design of your building, but you can upgrade the paint on the stairs by painting the treads and risers in a contrasting color. 

Try to find something that's livable but outdated and you can add value to the home by doing simple upgrades one room at a time.

We plan on splitting the utilities, putting in an egress window and leveling the floor in the basement, make the basement bath functional, upgrading the main floor bath, replacing or refinishing flooring, painting throughout, removing some overgrown trees, doing touch up paint outside, and patch repairing some cement work. 

I purchase townhouses or condos when I am at a place, live in there while I am there, hopefully, upgrade the property and when I leave, I leave those properties for rental.

I later found out that the management company not only opened the outlet, but also upgraded it because that was an easier solution for them.

So I came on BP to ask how do I know on a buy and hold when im upgrading a property when is to much money to invest. 

LVT is one of our investor minded upgrades we choose to offer, due to its durability, pleasing looks and price point.

And/or get the new duplex appraisal for insurance purposes and put that $12k that would be for a refi down payment into the SFH, which can easily be spent on putting in a half-bath (it's a 3-1) and other upgrades.

The units may need upgrading, particularly when they've been there for a long time.