What Improvements to increase appraisal

1 Reply

Morning BP!!! Today I’m closing on my first duplex! Right now both units are vacant. The plan is to renovate unit one and get it rented. Once the first unit is rented, live in the second unit and renovate that one. The duplex is 1500 with an 2/1 upstairs and 1/1 downstairs unit that has an unfinished basement, separate meters for all utilities, built in the 1920s and is structurally solid as far as our inspections could tell us. So to my question. What would experienced investors recommend are se good value adds for the cost to 1 maximize rental income and 2 increase properties value in the eyes of an appraiser? Would want to keep the property for long term, but maybe refinance and pull it some cash in a few years.

Congratulations! Can you take a look at competing properties with your desired value/rents and see what finishes they offer? Most importantly you do not want to over improve. Primary upgrades would be finish the basement (possibly add an egress window and additional bedroom), kitchens, baths, flooring, is there room to add a garage if one does not exist, A/C. I would make sure all essentials are in proper working order (roof, furnace, hot water heater, electrical) and then move on to the cosmetics.

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