For my first deal I want to BRRRR a triplex in my town. It's not in incredible shape, but it is rentable already. What things should I upgrade in the house that will bring the rents and the home value up the most?
It's hard to say without seeing it, but the big things are of course the paint and carpet. With rentals, it's more about making sure there are no obvious negatives. So that's what I would focus on, along with giving the front of the house a little sparkle (first impressions and all).
Check your comps for rentals. Do they have SS appliances, granite countertops etc. ?
Don't over improve.
To optimize a BRRRR I specifically look to add additional livable sq ft. That is a great way to get your ARV up when the bank orders an appraisal. For example, finishing in an attic as a bonus room or extra bedroom.
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