I'd first calculate returns on each, including any renovation costs, and the different market rates/demand for different bedroom configurations. If roughly equal, then think like a tenant -- consider things like parking, heating/AC sources and equivalent cost to heat/cool, noise (eg are the units side by side or above/below, busy roads etc), W/D hookups, how the unit "feels" (a sunny bright open unit will feel bigger than dark one), distance to attractions/bus lines/work/school/whatever..
LAST would be quality of trim, for me. If its way too fancy it might actually be a problem since it would cost more to repair, and even high end tenants do dumb things to expensive finishes.
Most tenants just want a regular, clean, safe, quiet place at a fair price.
@nickyreader Thank you so much for that reply. I will get to work running the numbers. That was a very helpful post.
I agree. Start by running the numbers. You can also research your area to see which is in higher demand: large units or nice units. We can't answer that for you because we don't know your market. In my market, the nicer unit would probably be easier to rent. But I still need to consider the return.
@nathan g. Thank you for the great advice. I did the research and it has proven to be quite helpful. Truly appreciate your post.
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