Market rent.Ran my improvement and build costs.

You'll dramatically improve your chances for success if you have a GC invested in the projects overall successYou'll also want to get a good realtor who can advise on whats popular in your market for finishes, color schemes, ect  Last but not least, find a great home stager and stage the home prior to selling. 

Request a Copy of the Appraisal Report. ...Check Every Detail of the Appraisal. ...Contact Your Lender and Request a Value Appeal. ...Provide Updated Comps. ...Make Sure There Are No Missing Permits. ...Point Out Upgrades and Improvements to the Appraiser. ...Have Your Sales Agent Meet With the Appraiser.

PROs: 1) You will learn more about how property management works, which will improve your chances of hiring a good PMC in the future.2) You will save PMC fees3) You'll know your properties better than any PMCCONs:1) You may make costly PMC mistakes: tenant screening, legal, evictions, maintenance, being too nice, not being on top of things2) More time3) You may make emotional decisions insted of business decisions

Presently working on a Cashout Refi….what’s an ideal home improvement to invest in that could or would increase the house value.

I usually don't improve a property too much if I don't own it. 

@Kyle Daneff, You'd be looking at an "improvement exchange". 

It is going to be market specific.During the previous recession of 2008-2011, rents skyrocketed in my market and tenant quality improved.

If so I would trim the window in this way then caulk the smaller cracks and joints.  

Do improvements.