How to/best ways to raise rent after tenant moveout

[Jason Holden]

The following is a situation faced by a family friend and I was wondering what tips or advice we could get from the BP community. We'll call the home 111 Fox Rd.

Fox Rd is tenant-occupied and their contract will end next month; they don't plan to renew. The owner is taking this as an opportunity to do some updates and increase rent for the next tenant. Nearby comps can rent for $0.10/sq ft more than 111 Fox Rd.

The question is: what updates and upgrades (over and above maintenance) typically see a good return in a rental unit? Appliances? Kitchen and bathroom updates?

The property currently cash flows per the 50% rule and the owner plans to keep the home for at least 2 years, if not the next 5 or 10.