Where do I put rehab money?
So I just bought my first Rental property, it is a duplex. My question is what areas do I "rehab" to increase the property the value the most in order to refinance at a higher price. The previous owner didn't do any upkeep of substance for at least 6/7 years. There are areas I need to put money into the property to make it "sound" like gutters. In doing so, i found I should cap the fascia and soffit. All in, I'm at $4k. Is that a smart move?
I realize every property is different. Mine is in a lower income area where comparables are selling for $115k-$125k. I purchased mine for $86k.
Do I contact the appraiser from the mortgage company I used? I want to be able to refinance it at a higher value in a year to get some of the money back, I'm just not sure where to put it.
Help please!