Which rennovation project before refinance?

[Sneezy32]

I am planning to refinance my multifamily before the end of the year. The main roof was replaced 2 years ago. The interior has been upgraded over the last few years. The paint on the house is peeling. The roof of the 2 story garage (nearly as large as the house) is in really bad shape and has been tarped. I can only afford one project before the refinance, which will include an assessment. Should I replace the garage roof or put vinyl siding on the house?

[Another Reader]

In most cases you won't get a loan with a bad roof if the garage is attached.  Is the garage two story or two stall?  If there is a second story, is there living area under the roof?  I would probably put the roof on and power wash the peeling paint off before the appraisal, based on what you describe. 

[Sneezy32]

The garage is a detached carriage house, about 1600 sq ft. The space is unfinished.

[rothwem]

Roof. 

You can slap some paint over the peeling areas for fairly cheap, but roof work is difficult. 

[Ensign1999]

I vote for the roof as well....a failed/failing roof will lead to much more damage.  Spend a few hundred and get the house power washed to knock the peeling paint off if you want it to look nicer.