Investors put their $ where it will get the most bang for their buck, especially for a first impression/curb appeal. Some things are just invisible to people, especially a 1st time buyer. Things like furnace, water heater, window age & quality, water pressure, etc. People like to see modern kitchen & bathrooms, newly painted walls, new flooring, etc.
Dh was just the opposite. He's very handy and would rather not pay more for a previous owner's updates.(Their choice of ugly oak cabinets, puke-green carpeting, etc.) We got a stellar price on a 35 yr old home with all original everything in it. We gradually updated things how WE wanted it. Everyone's needs are different. Some people want a home that is move-in ready.