Rental Newbie: Some Questions on Aesthetics and Furnishings

[Alex Huang]

I'm looking to buy my first rental property. My target is to find 3/2 (or bigger) homes in B-/B+ neighborhoods. I think I can find some in the $35-$45k range and Craigslist indicates that rent would be in the $700-$900 range.

One thing that I seem to struggle with is in drawing the line between what's suitable for a rental vs what I would personally want. I was hoping to get some other landlords and property owners opinions on some things below to help me better understand the expectations within the rental market.

The general thought that I have had while looking for my first property is to invest initially in hardening the property (no carpet, etc).

I'll share a few scenarios and would love if any one can shed some light on their opinions:

- Property has a bright blue insert bath tub. It's in fine condition (usable, just needs cleaned). Is this something that would impact the appeal of the property to a renter? Or is it something that you just clean and leave since it's functional?

- Walls need repainted. Do you just go with bland neutral colors (eg a coat of primer and grey/tope) or do you do something else?

- Light fixtures are outdated. Is this something worth swapping out or is it the rule of function over fashion?

As you might be able to see, one thing I struggle with is the line between function and fashion (and how valuable fashion is within the rental market). 

I suppose a good example would be -- if you were to buy a property whose interior was straight out of the 70's (heavily outdated but in mint condition), what would you be updating/putting money into before putting it on the rental market?