Should I remodel kitchen and bathrooms for REFI
I bought a house last december for 282. Day I closed it was worth 300. I tried to do a refi last month but got denied. I need to wait a year before I can. My house was reappraised at 340 though. If I was able to close I woulda been able to refi with a 20% down (I put 3% down) and pull out a few grand.
Long story short the house is in great condition. It has new carpet. Everything in the house is dated though. The house was built in the 1990s. Right now this is what needs to be done on the house: The wood deck needs to be restained. Its over 600 sq ft deck, one is covered and the other isn't. The outside doors need to be repainted and some door frames repainted as well. The inside has new carpet and paint looks good(could be touched up though). The kitchen is dated, all the bathrooms are dated, and ceiling fans. Not only that but the two basement rooms are lacking closets.
I originally bought this house for my first house at 25 because I am doing really well my job. I found this property and got a killer deal on it as well. Especially it has the best looking lot view ever/size. The goal is to rent out all 5 rooms(checked zoning and you can have 5 people per house) and if I do I can easily cash flow 300.
But besides that should I have all my my kitchen, bathrooms, bedrooms all remodeled. Either new vanities or have them all painted. Not only that what should I do about the patio? Will doing all of this bring the house even higher so that possibly I could do a cash out refi? Thoughts?