For my rentals, I look at first adding functionality, like additional bathrooms or adding AC. Next would be the show me stuff. Like kitchens, bathrooms, trendy paint colors, fixtures, stuff like that.
If I can get 15% return on my upgrade, I’m going to “consider” doing it. Extra 100/month for 8k? I just might do that.
So in your case, 350/month rent, I’d consider 28,000 in updates. I’d rather it be closer to 20,000 though. I prefer better returns.
Some things need to be done despite getting more rent. Sounds like you also have a lot more deferred maintenance to do on the place. Basically anything exterior will bring no additional rent, but has to be done so your house doesn’t deteriorate.
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