I have done this many times with home renovations with my clients and miraculously, we more often than not, get the value we want :) You also have to be nice and respectful to the appraiser on site when they come. :) My 2 cents. 

I have the opportunity to sell now at a big profit or to maybe pull cash out with a refi, and I have been doing some hard thinking about what to do with the proceeds (factors are the usual: self-storage market cycle, cash flows, cheap credit, other asset classes, etc.) or whether to just ride my current cash flow for a bit longer. 

If your decision making solely relates to cash flow in this high interest rate environment let alone any stage in a real estate cycle, you are too narrowly focused on one element of the deal.

I am sure most here on BiggerPockets would back me in advising it is not recommended to invest for appreciation at this stage of the market cycle. 

It is a vicious cycle. 

I know some folks buying long term puts on homebuilder stocks, expecting margin compression.Consumer Corner: Credit Cycle shifting?

I also have some other things going on, which are cycle dependent, from which I hope to pivot into real estate. 

Land in more marketable locations will generally hold value better regardless of where in the cycle we are.

That being said, different markets and different market cycles lend to more favorable circumstances depending on your marketing efforts and focus.

As a result, investors might find themselves stuck in a cycle of over-analysis.To overcome analysis paralysis, I advise real estate investors to take several steps: Set Clear Criteria: Define specific investment criteria and goals.