Should we stick with the potential tenant we have now or wait?

[Robert McCormick]

My family and I are nearly done with renovating a rental unit with the hopes of not only increasing the value therefore increasing the rent but to also attract higher quality tenants. We have a potential tenant who is very interested in the unit as her mother lives in the same complex and we received a very positive review from her supervisor who not only stated that she has been a reliable employee but is expected to stay with the company for a long time. The monthly income is $3600 and at the moment we are looking to charge either $1000 or 1050 for rent each month. However, if we have the kitchen cabinets renovated then we could increase the rent and potentially attract other tenants. While I am not against signing a lease with the interest I am open to seeing what else is out there. The last tenant we had at one point never had a trash bin until I bought one for her and her family and we also had multiple leaking incidents due to plumbing issues in both the kitchen and the bathroom. It wasn't her fault as her children caused some of it but we decided to not renew the lease. In addition, one of her sons apparently slipped in the bathroom and kicked the wall hard enough to cause a big hole that had to be repaired. I am adding this to emphasize why I feel it's important to see who else would be interested. This tenant would be single with no children which isn't a bad thing considering our past experience (I am personally ok with someone having a family but after having to pay a few thousand dollars for repairs and receiving complaints from the unit below us (2 story building and we are on the 2nd floor) it's important to have a good standard.

In terms of renovation the main focus we have is to finish stripping the paint off of one of the doors (95% done) and while there are other minor things that could be dealt with they are probably not worth the time and effort at this point. In addition to determining whether or not we should commit to the one interest we already have should we go ahead and get the cabinets renovated? It will likely happen this week if we go through with it so any and all thoughts would be appreciated.

[JD Martin]

Once you find a good tenant there's no point in just hanging around waiting for a better one. So do your due diligence on this one and see how it pans out. If they pass the credit/background check and have stable employment, it looks like their income passes and you could just pass on the cabinet rehab for now and probably gain a long-term tenant if her mother lives there already.