I get asked this all the time and the answer is... It depends. It depends on location, price you're trying to achieve, overall condition of the house, the cash you have available, and the timing in which you need to sell.
No listing is the same and that includes new builds.
If you know your house is in disrepair and has a ton of deferred maintenance, but the location is a desirable one, its easier to lower your expectations on the asking price. At the right price someone will jump on it and spend the necessary amount to fix it up to their liking.
The HGTV effect has really put somewhat of a damper on the average consumer's mindset. With Millennials entering the market and Gen X buyers upgrading to their 2nd and 3rd houses, you need to understand the bulk of those consumers are not going to want a "fixer-upper" despite what they see on TV. The actual cost here versus what you see on TV is night and day. A $100,000 renovation in Waco on that show is 3x more expensive here. Once people figure that out, they stick to homes that have minimal updating needs. If you have a property that's in a highly sought after neighborhood (these are typically affluent urban and family 'hoods), you probably don't need to do too much. Buyers are dying to get into your community so they may "overpay" just to get in. If it's changing paint and appliances, that's not what most people consider a renovation and therefore they see it as an opportunity rather than a money pit.
If doing some some cosmetic upgrades will help you sell the house you want to do them, right? Paint is the easiest, cheapest fix you can do, and not enough people do it. Paint a property and it can feel like a different space without changing anything but a color. If your carpets are worn, or your floors are ragged, your tile is cracked and grout is dirty - spend the money to freshen them up. These things can give you a return on your dollar invested. A buyer may very well change them or refinish with something different after moving in, but if things look clean, fresh, modern, it's one less opportunity for the buyer to knock down your price.
There's plenty more we can build on in this discussion but I'd be curious to see what your thoughts are on this and what your experiences have been too.