Need to get a condo off my books

[David Paul]

Hello BP,

So I have a condo that I would like to get off my investment portfolio as I cannot rent it for a year (long story.)  I would like to flip it and put it back on the market.  I know I cannot put it back for market value-or higher due to closing costs as there was nothing done to the place and i purchased it a month ago.

The condo is outdated, needs new appliances, cabinets, flooring (thinking of switching to tile), and vanities in the bathroom. 

What in y'alls experience in upgrades gives the most bang for your buck in resale value?  I am trying to budget the work but want to make sure I put money in the right spots that will A) attract a buyer b) raise the price.  Not looking to make a killing, just cover closing costs and real-estate fee's plus initial investments. 

[Patrick L.]

Unless you're doing doing something that's adding value you're probably going to end up losing some money on the deal.  Nobody else was willing to pay as much or more than you were when you bought the place recently, so it might be unrealistic to think you're going to get your money back when you factor in both sets of closing costs.   Honestly at this point you should just be looking to minimize your loss because you made a big mistake in buying it to begin with.  

Definitely look at the comps to see what other units in various conditions are going for.  Condos are very easy to comp because there are many identical units.  It's possible you can add enough value by making some basic improvements like paint, flooring and appliances that would create enough value to eliminate your loss.