3 family built in 1900, should I hold back on repairs/upgrades?
Hi bigger pockets community,
I bought my first property last month, it is a 3 family home that I am owner occupying. Financed 3.5% down with an FHA loan, and looking to buy a second property in the same market (east side of Providence, RI) in the next year or two.
The tenant pool is either Brown/RISD students, young grads, or professionals. Each unit is 3 bedrooms, but they are on the medium to small side, and the interiors is just the basics. I am fairly confident I can raise rent by $200-300 per unit if I do some upgrades (I.e better faucets, add a dish washer).
The question is, how much should I plan to repair/upgrade based on the age of the property? Is there a guideline for the age of a property where repair costs skyrocket?? (Like with a car beyond 200k miles).