A kitchen update in the Midwest will not have the same impact as an update in California.  

I would appreciate any knowledge on the subject and if it really makes an impact of the value of the property.

I'm also interested in purchasing another property - either multifamily or another vacation rental (which will be classified as an investment property from the start) - will converting our soon-to-be current property into a vacation rental impact that process in any way?

Understandably, there was an impact on the vacancy rates for real estate investors.

Under the current conditions, I can definitely see it impacting rents with some trying to transition to long term rentals.  

There are concerns about longer lasting impacts that hamper the recovery (affected sectors, lack of confidence, and increase in household savings during the lockdowns).

You will typically get higher than market price as well as spread out the tax impact over a longer period of time.

Additional parking would impact the value directly, but you have to assess the current parking ratio of the buildings and see if there is actually a need for it.

even though they have not “taken” your property the impact to value may be significant...if you never “ask” you will never receive.

It is what it is and school districts have a substantial impact on property valuation.