Payback Period on Small Renovation in C/C- Neighborhood?
I just purchased my first property (duplex) in a C/C- neighborhood. Both sides are rented with long term month to month tenants. Both sides need pretty minor fix ups which will be completed by a contractor. I also have quotes to update the kitchen on one side and the kitchen and bathroom floor on the other side. If those are done, I plan to increase rent. My question is, what should be the expected payback period on those upgrades? The tenants are not paying a lot in rent and I want to try to strike the balance between making my money back in a reasonable timeframe and not increasing rent to the point where they can't pay.