Does updating a rental property tend to bring a higher caliber of renter?
We have two 4/2.5 SFRs in Murrieta, CA that were built in 1988. They have never been updated so they still have those ugly oak cabinets in the kitchen and bathrooms as well as the old fixtures and plastic shower/tubs in the bathrooms.
The tenants just moved out of one of the properties so we are going to upgrade while we have the chance. I have the time right now to do most of the work myself so we can keep the cost down.
My thoughts: Upgrade with no intention of trying to get more than average rent (they cash flow enough staying right at or just a touch below market). By updating, I'm hoping to receive more applications for an opportunity to pick the best tenants from a larger pool.
Opposing view: We spend time and money for upgrades and still end up with average or below average tenant pool and they end up roughing up the place anyway and undue all the work and money.
We need to be more picky when picking our tenants. That's on me. So, between a more thorough screening process and and updated property it seems like we can stop going through the crappy tenant Blues.
If anyone has opinions I would love to hear. For those that don't know Murrieta, it's in Riverside Co just north of San Diego and east of Orange Co.