Renting recent REO property?
We recently paid cash for an REO in Debary Fl (just outside Orlando). We've decided that it would make more sense for us to rent it vs flip it. The question now becomes "how to we fix it up?". For example, we originally thought we would refinish 700+ sq ft of hardwood floors (some are in bad shape, but salvageable). The cost came in anywhere between $2100-$2500. I dont know if its worth putting that kind of money into a floor and then having renters. Another 300 sq ft room has wood paneling, but no drywall behind it....is it worth it to add sheetrock and rent? The ARV would be somewhere around $100-$109k, and similar homes rent for $1000-$1100/mo.
How much work do you guys put into rentals vs flips?