First Property purchase
I recently purchased my first property in the form of a 3 bedroom 1.5 bath 1500 sq foot single story with a slab foundation. The property has a 1.5 car garage and .3 acre yard.
My goal with the property is to live in it for two to three years until I have enough equity to refinance so I will no longer have to pay Mortgage insurance. At that point I would like to rent it out to students from Oakland University.
The interior is dated. I have already planned on replacing the carpet with laminate flooring replacing the trim etc. I have a few questions in terms of renovations that would give me the most bang for my buck in the eyes of renters within that demographic. I have a few ideas of things I've considered doing and I would like any opinions on the subject from people who have been down this road.
1- of the three bedrooms one of them is a master bedroom with a closet. The second bedroom appears to be a den of some sort as it has two doors entering, both from the hallway and from the living room. The third bedroom is the smallest and has no closet. I had envisioned putting a closet in the smallest bedroom, and walling off the living room door to the second bedroom and to create more privacy, but I was also given the idea of turning it into a library type study room. I'm leaning towards the first idea personally but I wasn't sure if sacrificing the bedroom would be worth it.
2 - There is a large evergreen right smack in the middle of the front yard as well is multiple large shrubs against the front of the house. They basically obscure the house from the street. I am tempted to remove them but I again I am not certain how renters would feel about it.
3- Installing a privacy fence in the backyard to provide my tenants some privacy and help prevent issues with neighbors.
4- The kitchen is a galley style with dated cabinets. They could probably be painted without much issue but the kitchen would still not look modern, is a remodel worth it?
5 - Adding a small standing shower to the half bath, is it worth the headache?
Any input is greatly appreciated. I am eager to get this journey started, but I would like to temper myself with guidance from those more experienced than myself.