Whats up bigger pockets. I recently purchased my first 2-family unit(side by side duplexes). I wanted to get some pointers on what are the best and most economic upgrades that can generate better rental income? This home is fairly new(mid 90’s). Each unit has 3bds, 1.5 bathroom, parking 4 spaces(2 for each unit). Any information, thoughts and pointers would be highly appreciated.
paint, flooring, kitchen.
mid 90s- i'd assume not much else work is needed. You probably have oak cabinets which you can leave as is or paint.
@Mike Franco thanks for the tips Mike. How about on the technology side? Like smart locks or things of that nature?
nah. smart locks might sound techy, but it won't increase income.
keep it simple and low tech. You don't want to get service calls because the tech malfunctioned.
The only tech thing I would install is a programmable thermostat. The kind under $30.
Get a SMART KEY lock though. This is not for the tenant, it's for you to allow fast rekey when tenants move out.
@Carlos Acosta I think it also depends on the level of the unit/neighborhood. If you have higher level units tenants might expect granite counters or at least pay a little more for granite counters. However, for lower level units you probably don't make your money back putting in granite counters. Just an example. What level of rent/type of neighborhood are yours?
@John P. Im in Westside Newark. Not the best neighborhood in the city but not the worst neither. Previous tenants(2) were paying 1100, 1000 respectively. But the same style of home today is going for 1500
@Mike Franco thanx for your info Mike