What to do with non-operable unit in 10unit complex ?

[Mauricio Ramos]

Hello BP Family,

I have a 10 unit apt complex in a small town near San Antonio. This complex has one non-operable unit (used to work) and since i bought it, it has been only a storage room for my materials, etc. generating no income.

I am debating between turning this unit (~450sqft) into a studio, rent it as storage to one or two tenants, or a laundry room? None of the other units have washer/dryer hook ups, and there is no laundry facility in the immediate vicinity. Of course i want to get the most out of it with the least amount of money as well as use it best for a refinance in the next few months. 

Estimates/Rents for each would be about

• Studio - Estimate for rehab $12,000 - rent $475
• Storage - Clean up/Door/etc $800 - rent $90x2
• Laundry room - setup $6,000 - potential monthly income $200

Anybody has any other ideas or suggestions on what i can do to get the most out of the unit and how it could look best in the bank's eyes for refinance?

Thank you!

Mauricio Ramos