I just closed on condo deal and need your advise how to rehab. This is 2b/1ba 1350 sf unit in over 55 community in Jersey. Windows are new, AC wall units are ok and the heating is all new too.

I wanted to buy this place solely to hold and rent. The original purchase price was 107K and the rents out there are in vicinity of 1200-1400/mo.

However, since originally agreeing to the deal back in October, we have had some issues getting loan approved and the seller became anxious and we had to make a decision whether to lose this deal or pay cash.. Long story short, we ended up purchasing the unit for 105k cash because I simply could not let this deal get away. The current market prices in the community jumped like crazy and comps are now in 150-170k range.

So now i have a dilemma:

1. Do I rehab moderately just so I can rent it out easily for 1250-1300? If yes then I think all I need is to replace carpets with laminated flooring, repaint the whole unit, replace all appliances, repaint the kitchen cabinets. 

Rent it out, refinance in 6 mo from now to cash out..Not bad but I will still have to deal with condo rules and hope that the market does not crash before I apply for refinancing.

2. Rehab to flip for 150K conservatively (165k aggressively) - gut and replace kitchen, granite countertops, gut and replace bathroom, add some recessed lighting in the living area; the rest is the same.

I want a quick flip while the prices are on the top.

3. Or rehab like in case 1 and try selling it for cheaper like 140-130K? Most of the units up for sale or sold around 150-170K in the past 3 months are/ were nicely renovated.

I have never managed any rehabbing other than in my own house so I really don't know the investment rehab prices; the timing and how these updates will impact the goals. 

Please help me understand the pricing and what you would do.

Thank you!