ROI IN THE LONG RUN, WHAT TO DO?

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So I just recently started a renovation on a property that I purchased for $20,000. I put $10,000 into the renovation for the kitchen, bathroom, and some other cosmetics. I will be renting it out for $700/mo which gives me a 28% ROI, but this is where I need some advise.

It's going to cost $40,000 to add a new roof, windows, all new siding and a new porch putting my at an all in at $70,000 and making my ROI only 8%. The deal started off really nice but the place needs a roof and siding and these improvements will really make a difference in the ARV.

I do not plan on selling the property anytime soon but will refinance it this year after the renovation is completed. My worry is that the ARV will not be more than $70,000 causing me to leave money in the deal. I spoke with my property manager about the increased rent after the renovation is completed but she stated the rent wouldn't go up much because of the neighborhood and square footage of the property.

What should I do? The hardest part for me is not knowing if the ARV will be worth the money to do this big of a project? All though I will be receiving $700/mo. Most of $550 will be going towards the loan $40,000 interest free loan.

What would you do if you were in this situation?

Do you need to do the improvements in order to maintain the integrity of the property?  In other words, will the roof start leaking or will the sheathing around the house start deteriorating if the renovations aren't completed?  

If so, you should do them, regardless of the cost.  This will be required to maintain the value of the property, keep the cash flow coming and eventually be able to sell the property.

If the work doesn't need to be done right now, and there are no adverse effects of waiting a couple years to do, then hold off if it's not going to impact your gross rents.