Should I Update it or Rent it?

[Jason Kucharski]

I have a 2/1 rental in a A+ area that easy to rent. It has a simple kitchen that's had a 'lipstick' update but doesn't have any modern amenities (full-size stove, dishwasher and disposal). The cabinets are mixed and dated. I've priced out a full kitchen remodel with all modern convinces and stainless appliances which would cut my emergency savings in half. This upgrade could boost the rent 300+ dollars a month. It would take 2 to 3 years to recoup the investment. Is it wise take a chance on a higher rent upgrade and deplete my financial cushion or just lease it back out to build up more reserves?