To HVAC or Not to HVAC...That is the Question
Ok folks,
This seems like a no brainer to me, but I'm not too proud to run it past people more experienced to make sure I'm thinking propertly.
I am closing on a 3BR, 1BA, 1,000 sq foot home in 4-5 weeks. The house is in very good condition, other than it has no central heat and air and some countertops and laminate in the kitchen. That's it. I bought it for $55k and I believe the house to already be worth $65k-$70k with around $1000 spent in the kitchen and $1,000 - $1,500 spent in flooring and paint throughout the house. Houses like this in this neighborhood rent for around $750. However, I think If I spend between $6k and $7k to put central air in it, it will match comps in the area up to $75k or so and have a huge upgrade. I believe it will be much easier to get better renters in there with new HVAC. I also think I could charge up to $100 more for rent.
The downside is that investing this money into this house could slow me down by 3-6 months from buying two more instead of one more after this one.
I think I should do it.
What would you do?
Go!