did anyone else get to closing and realize the renovation added less than half of what you spent on it

bought in decatur, ga in october 2022 for $238k, put $61k into it over about 20 months, sold in june 2024 for $329k. so gross gain was $91k, but i spent $61k to get there, meaning the renovation contributed maybe $30k of that $91k and the other $60k or so was just the market doing what it was going to do anyway. my neighbor did nothing to his place and sold a month after me for $305k. he carried zero renovation cost. i cleared more dollars but my net per month held was worse than his. i've been trying to figure out if i would have been better off buying, doing cosmetics only, and selling at month 24 without touching the kitchen or the bathroom at the back of the house. those two rooms were $38k of the $61k and i don't think they moved the needle past what a good clean and a coat of paint would have done in that zip code. the appraiser didn't even call out the kitchen as a positive comp adjustment. has anyone actually tracked what portion of their final number came from the market versus the work, or do most people just look at the spread and call it a win?