Denver remodel. To sell or continue renting?

Question

I’m looking for some advice on what to do with my current rental property in Aurora, CO. It’s a 4/3 that has been neglected over the past several years and needs a complete remodel. I’m looking to put some money into it but don’t want to over do it for the neighborhood.

I own a few rentas but have never done this large of a remodel before. I’d love some guidance on how to get a better sense of how high I could price it either to sell or rent so I can get started planning out the remodel.

Matt M. · Answer

What's the scope of work?

I've been listing a few properties lately "as is" to test the market. If it doesn't sell for what I or my clients want, then I take it down to do the work.

Chris Lopez · Answer

@Adam Bauman When we work with clients to sell properties, there are three main scenarios we compare:

• Sell it as is
• Light cosmetic update
• Full remodel

It comes down to what your ROI is. I sold a place last year and it made no sense to do any work (other than touch up and carpet stretching) because it was an entry-level home. The neighborhood has a big impact as to which option makes the most sense.

With how low our inventory is, selling it as-is may work out really well. It really depends on the neighborhood, the numbers, and how much work/time you're willing to put into it.