The renovation done by current owner includes: LVP flooring, ss appliances, granite counters.
We are a little far away and do not want to do remote renovations. Right now labors and materials are expensive too.
We are thinking about adding some furnitures for some bedrooms. Some students do not have furniture and therefore this should be attractive to them. Monthly rent can be increased $75/month.
If adding furniture to 12 bedrooms, rent increase is: $75/month x 12 monthx 12 beds= $10800/year. Current cap rate is around 5%. The addition of $10800/year is equal to $216,000 property appreciation ($21600/ 5%). Do you think furnitured bedroom is a good approach? Cost of those furniture should be around $1500/bedroom x 12 rooms = $18k.
