To add a bathroom and remodel or cosmetic rehab?

[John Lee]

I just got a buy and hold property with 3 bed and 1 bath, 1200 sf that only need cosmetic rehab (paint, new hardware and fixture, refinish wood floor, remove a wall (may be a load bearing wall) to connect living room to kitchen). And I can rent it out quickly.

Or to future proof, I can cough up the money to convert the living into master bed, add a bathroom since it next to kitchen plumbing (maybe?). demo the small bed room and convert it to living are next to the kitchen. Or base on the rough layout from memories add a bathroom in the master bedroom?

The extra bathroom might not bring a lot or any rent increase. But it wouldn't hurt the sale price or refinance appraisal later.

Also should I arrange home inspection and contractors come estimate on the same day since I got access to the property?