Renting a "dated" property.

4 Replies

Hi Everyone.  

Trying to figure out the best way to phrase this question...

Is buying and renting a property that is structurally sound but otherwise dated with regards to kitchen, bathroom etc common practice?  

The comps are similar in the area.  Many dated houses etc.  I'm just confused as to whether I should rehab it a bit before renting?  It does need new carpeting in a couple rooms and some paint but other than that the only thing is the kitchen and baths are dated.

Thanks in advance for the advice.

@Robert Fountain

Depends really.  If houses in similar shape aren't renting for much less than renovated rentals then I would just paint and replace/deep clean carpet.  The idea is to put as little money into it and getting the most money out of it while keeping it repaired.

There are older, outdated homes in an area close to mine that rent for 1250 - 1600.  In other areas they would only rent for 800 - 1100 or so.

I have a 5,000 sq.ft. house I'm trying to rent. It's huge, three fireplaces, half-acre lot with a beautiful lawn over-looking the river, one of the nicest neighborhoods in town. It has five really big bedrooms but the three bathrooms are small and dated. The kitchen is huge but dated. It would be a $500,000 property and rent for $3,000 or better if renovated but as it sits, I'm having a hard time finding tenants at $1800 a month and that includes the landscaping!

I digress. If your dated home is comparable for the neighborhood, I wouldn't spend too much on updating it. Replacing carpet and paint would not be unreasonable. Gutting the bath and kitchen may be over-kill for the neighborhood and difficult to recoup the funds.

Originally posted by @Robert Fountain :

Hi Everyone.  

Trying to figure out the best way to phrase this question...

Is buying and renting a property that is structurally sound but otherwise dated with regards to kitchen, bathroom etc common practice?  

The comps are similar in the area.  Many dated houses etc.  I'm just confused as to whether I should rehab it a bit before renting?  It does need new carpeting in a couple rooms and some paint but other than that the only thing is the kitchen and baths are dated.

Thanks in advance for the advice.

 @Robert Fountain,

dated and dated, clean and new paint smell are 2 different things...

i would check all competition for 0.5-1 mile radius then check all features for houses sold in the same radius.

you will then know:

-paint color/combination to use (neutral beige or the ever popular graige/grayish tones)

-appliances common or not/expected or not (all matchy matchy)

-houses features/commonality

change counter tops and fixtures

clean/rejuvenate the cabinets

check like crazy the mechanicals: those are the #2 money eating (#1 is bad tenant or vacant property)

some here on BP have removed carpet completely and refinished wood under/switched to vinyl click wood like planks

good luck