What Makes Sense???
I recently acquired a 2-unit bldg. that needs work (tuckpointing, a possible gut rehab on the second floor, exterior painting,etc.) As a matter of fact, just about everything that could be done should be done but I know that it doesn't make sense to go overboard.
The question is, what does it make sense to do first, cosmetic work for aesthetics (oh the lure of pretty common areas) or complete surgery for the sake of not having to do surgery again for years to come?
I read on this site that newbies tend overdo their first rehab. What are some areas of concentration that make sense for property value increases? The property is in a emerging neighborhood in Chicago. The neighborhood itself is seedy and doesn't (@ the moment) reflect what people value most in terms of aesthetics but I've only got about 30K so I need to be efficient.
B-t-w, this property is a buy-and-hold for me and has a decent tenant on the first floor but I will need to attract the same for the second floor.
it's hard to answer without seeing it and the area in person, but I think if it was me I would get the empty unit in shape first it's much easier to do the work while its empty. I wouldn't go overboard just fix what is needed and paint and floor coverings as needed. I would also do any cosmetics to the exterior and common areas that would help attract tennants and help to keep the good one you have. then I would learn how to do tuckpointing so I did not have to pay someone else to do it