Remodel inherited rental property or pay student loans?

[Zariyan S.]

hello,

I'm 25 years old. Income is about $4,200 a month after taxes. After contributing to 401k, car, helping parents  I'm saving $1500 a month.

I have $20,000 in student loans.

$8000 is at 4.4%

$12000 is at 3.6%

I have been fortunate enough to inherit my grandparents house. My grandparents are still alive and are around 84 years old. They still live at the property around the Dallas Texas Area.

The house value is about $280,000. But it needs significant remodeling that I have been dumping my money to the past 6 months.

From my estimates I may need another $20,000 in remodeling. 

Now the property is not going be a rental property until my grandparents are gone from this world, which I hope won't be anytime soon.

But I like thinking long term in case anything happens.

From my understanding the average rent around this area is $2000 a month. Property Tax is $6000 a year.

I don't want to be in the situation where if I have to rent out this property tomorrow and the house is not ready to be rented yet lose 3 months in potential rental property. (Time it would possibly take in remodeling and listing the house)

So what should I do.

Pay off student loans first. Or remodel house first so in case we need to rent it out tomorrow it's in good shape. And then focus on student loans.

Thanks,

Z