New Owner in St Louis

[Alan Murray]

Hi folks!

Brand new here, so my apologies for any silly questions!

I've just completed my very first purchase - a two unit building in the 63118 area of St Louis with the intention of renting out both units for while, and then moving into one of the units myself in about a year or so. I'm currently out of state.

It's a near 150 year old building that's in not bad shape, and the interiors are fine, but a bit shabby (not exactly jaw dropping). One unit is a 2bed, open plan living/kitchen, bath with tub. Other is a 1bed, large living room, large dining room, galley kitchen, TINY bedroom and small bath with shower stall. Both units have private decks and access to basement for storage/laundry.

I guess my questions are:

How much do I want to spend on sprucing thing up before getting tenants in? 

Are there anything tennants might look for that I should prioritize?

How much does decor/finishing affect what I'm likely to get in rent?

I assume that if I'm going to do a major rehab, I should do both units at once? (Therefore probably waiting until I'm moving into one myself, so that I can oversee everything and have more input)

And finally how do I know what to charge, other than just comparing to craigslist and such?

Thanks in advance!