Updating Rental Unit To Compete With Other Units

[Guevara M.]

I have a 1 bedroom, 1 bath townhome that is only 540 square feet. It's an upstairs unit in a nice community in a good neighborhood. My tenant of the last 10 years just gave notice that she will be moving out to care for her ill mother. The unit needs some good updating throughout the inside. Landlords in the same community are renting from anywhere between $675-$875 for the same floor plan as mine. The landlord under me has her occupied for $875 but hers is updated with nice laminate floors, tile in the kitchen and bath, updated counter tops by miracle method, updated appliances, nice paint on walls and trim, etc. My appliances are very old and do not match for the most part. Dishwasher hasn't worked in years. Still have popcorn ceilings with white paint everywhere. Ugly maroon color carpet throughout, way outdated counter tops in kitchen, kitchen cabinets need paint, living/dinning room needs lighting and lots of other stuff. The units that I've seen updated are renting for the higher prices and are only taking a short time to get renters into them. The ones renting for cheaper are sitting longer. So considering all of this should I update it as nice as I can and rent for top dollar or try to do as little as possible and rent for less? I will be doing most of the work myself. Any advice and guidance would be much appreciated. Trying to do this right this time around compared to when I first purchased it years ago. Thanks.