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The return on improvements assumes hiring someone to do all the work. I could pay $12,000 to completely remodel my bathroom hoping to get $10,000 more on a sale or just provide a quicker sale, or spend $3000 in materials and do it myself and still get that same return or close to it depending on my skills.
On a rental my "slumlord" buddy says it's never worth it to remodel anything, just fix the broken. Maybe get $50/ month more for a $12,000 bathroom remodel so it takes 20 years to break even and at that point the bathroom needs remodeling again. He bought 10 properties in this town for under $20,000 each 25 years ago, did just enough to make them rentable and they currently all go for over $1000/mo each now and have had constant occupancy. His job after 4 years in the air force was flipping garage sales. He would literally buy out entire sales toward the end of the day and then repackage, price, and relist them for much more. Along with flipping insurance totaled cars. He also worked with me at the Post Office just long enough (about 6 more years) to vest a retirement when he does reach 62 although it will only be 10% it will have other benefits too.
Of course each of those properties would cost $250,000 each to buy today if not more. He "retired" (he manages properties and still does garage sales)at 35 fifteen years ago.
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