If you have a low energy index, you can more easily upgrade that.

Check to see if your state gives any rebates for upgrading heating systems.

I've just finished upgrading and I have tenants moving in around mid-February for a 6 month lease.

I plan on taking 30% of the value "cash out" to help with my down payment on a new residence (upgrade home) to keep me out of a 'jumbo loan' situation as well as be able to write off the interest on the new home (new mortgage will be under $750,000 with the large down payment). 

. - This as well, I plan on making small upgrades (ie: flooring/kitcheb/bathroom) to houses before I sell to ideally get the value up OR just make them easier to sell. 

My plan is to upgrade it and eventually convert it to a condo. 

You put $2m down and borrow $6m, use the $400k left over to renovate and upgrade the property which is your value add to increase the NOI to a point where the cashflow after paying the debt service it reaches $400k/year, 60% of which is yours or $240k. this is at least a 2 year process and not easy but achievable if you put in the work.

Our plan is to upgrade the duplex in hopes to increase rental income up to $700/month.

You may need to consider upgrading the unit if the rents are high and you intend to get those rents as well.

Our plan is to upgrade the duplex in hopes to increase rental income up to $700/month.