Two opinions on painting the exterior of a rental property?

[Alex Maclagan]

I am in the process of fixing up my rental property and figured I would get a quote on painting the exterior of the house. I asked two buy and hold investors that I know about what they thought about painting the exterior of the property. Investor A told me they wouldn't paint the outside of the property since in that area it will not attract better quality tenants (Investor A owns a lot of rental properties in the area). Investor B told me it would be worth it to paint the exterior of the property since it would attract better quality tenants (Investor B does not own any rentals in this area). Each of them has given me great advice in the past, Whose advice would you listen to?

[Steve Vaughan]

If the goal is to protect the siding and extend the life of the building because of peeling paint and sun damage, I would paint. If the paint is fine, but the color scheme is just ugly or unattractive, it's a very different question @Alex Maclagan!

The outside does matter.  You may or may not be able to get $50 more in rent because it looks good, but the quality tenants will tend to apply, not just drive by!