Remodeling considerations in a future rental

[Nicholas Earls]

Finally got my first property under contract! Finishing inspections today but assuming everything goes well we will close in late April (VA is slow). Thinking through what work we are going to do to the property and looking for some input. This is a single family house that we are purchasing through VA foreclosure so everything is as-is. Including the garage door that was wrecked by one of the realtors after we first saw the place :(. My fiance and I will live in the house for a year or two then rent it out after that. Looks like we could probably get around $950/month rent comparing to similar houses in that area today. I'd say the neighborhood is a solid "B" and most of the houses around are at a pretty consistent $105-115K for sales.

The property has gas furnace and fireplace already working.  There is no refrigerator or stove and the dishwasher appears functional but is pretty old.  Water heater works but is leaking and needs to be replaced (19 years old).  Flooring is going to get pulled up and replaced with vinyl throughout the house.  I believe the subfloor is in good condition aside from one small area in one bathroom that is pretty soft.

So, I have a few questions I am considering:

1) When I purchase a new stove and refrigerator should I just go ahead and replace the dishwasher so that it matches everything else?  Saves me hassle down the line when the old one dies and looks nicer, but may not be money we need to spend just yet.

2) We are considering converting the stove and water heater to gas.  Since there is already a gas connection in the house and they need to be replaced anyway it is an idea we are playing with.  We would both enjoy having a gas stove while we are there but just not sure if it is worth the money for only 1-2 years then having renters in there.

3) Thinking of using Allure vinyl throughout the house based on recommendations on BP about its durability, looks, and cost.  Going to use a faux hardwood pattern throughout the house but would you use a different pattern in the bathrooms or stay consistent throughout?

Thanks in advance!

[Jeffrey Holst]

First off congrats on taking this step,

1) probably get all three at once its just not that much more money

2)I wouldnt do it not worth the cost for such a short time

3) I love these luxury vinyls if you have time it might be worth the drive down to Dalton Georgia (just south of Chattanooga) to get a deal on over stock from the factories.  There are many great bargains on flooring in North Georgia.  There maybe places closer but I see quality vinyl for less than a buck a square regularly.  

These are just opinions but the key is not to over spend if you are planning on renting it in a few years.  Durable products that look nice are perfect as long as they are cheap.