How to calculate ROI on remodel/make ready

[Alisha Zwirtz]

I have a long time tenant moving out the end of December- he finally purchased a home instead of paying for mine. I am looking for a ROI calculator to help me determine what level of make ready to schedule. The apartment is in a hip/historical area and prices have gone wild over the past few years, especially if the unit is knocked out- like on the level we renovate our flips to. I know what would need to be remodeled to bring the higher rent, but I don't know how to figure which level of remodel option has the best ROI. Does anyone know of a calculator or good rule of thumb?