Long Time Listener, First Time Caller...

[Travis Pettibone]

We just bought our first property in hopes to follow the BRRR strategy. The house was converted to 1 bed/1 bath back in the 1960's and needs a lot of work. The area it's located in is hipster-friendly with mostly 2 bed/1 bath bungalows built 75-100 years ago.

We’re on a tight budget and think we can flip the house for cheap if we keep it 1bed/1bath and just do cosmetic updates, but is this a bad idea? The upside of 1 bedroom is the kitchen, living room, & bathroom are much bigger than any other houses in the area, but we're not sure those really matter to renters? Also, will 1 bedroom hurt us significantly on the appraisal? We would really appreciate any feedback on whether we should spend more to knock down walls and convert it to a 2 bed/1 bath? Or go cheap and leave it how it is?