Selling a home: Repair first or not
I'm trying to sell a rental property. It's an entry level home $54,000 price, 1250 sq feet, 3 bed 1.5 baths.
It is older (50's) and needs some updates. Some of which include:
Foundation-addition has settled and needs leveling:quote $1800
Kitchen Cabinets-old steel cabinets, functional but ugly
Heat/Air-currently has window unit for a/c. Heat is provided by a gas furnace which needs replacing: Cost to replace just the furnace $250. Put in central heat/air prob $4k
Electrical: Is 1950's wiring but all works
Changed out most of the windows
New bathroom flooring and vanity
Will put in a fresh coat of paint on most rooms and do low maintenance flower garden in front.
Currently the house is the lowest priced 3 bedroom in the city. One on the road for sale is 60k but does have central heat and air.
Do you think doing any of the above improvements would make financial sense? We will probably be renting this out and then leaving the house on the market. It'd be more convenient to updates now while it is empty then when it is rented.