Change windows in renovation

[Sherwin Vargas]

I know it has been asked before but i was hoping to hear from local people in Rhode Island -providence area. 

I like to give general information because i know I would be interested. Question at bottom 

Currently renovating a 3 family we bought back in Sept/Oct. Bought appliances for all floors. 

We did the minimal on first to get rental($2300). 

Did some small upgrades on second(laminate floors, paint, and bottom kitchen cabinets, counter  $5000). Completely redoing 3rd floor 

3rd floor needs everything complete gut. Kitchen bathroom dining room. Heating system floors. 

We are almost 20k in, atleast another 8k will be spent. We are out of money with that final 8k. we only expected to spend 15 to 18k. We didnt know the extent of the rehab as its our first and didnt research much. 

 My question is since half of the apartment is being renovated should we put up new walls in the bedrooms and living room and replace the windows (10) and insulate those walls if it will all be going on credit cards. Estimated cost 5-6k we will be doing alot of work our self and our contractor will replace windows since hes doing all the other work for 50 dollars each. 

Is it worth it for a rental. The windows are wooden single pane original windows. The bedroom walls in decent shape. Living room walls look very lumpy.

Silver springs area comps dont seem too high looks like we could get 1200 to 1300 

[Anthony Thompson]

@Sherwin Vargas thanks for the extra information. No, old windows will not hurt rental prices because tenants will not pay more for new windows. All a tenant really cares about is, are there windows, and (maybe) will those windows stay up or will they fall down and need to be propped up to stay open.

However, depending on the old windows you may not be able to get a lead certificate, which you need to legally rent an apartment in RI. If you have old wooden windows, the lead inspector won't bother to take swabs, they'll simply fail you for old wooden (friction) windows. I believe you're fine with old vinyl. But you said you had old wooden.

Aside from the fact that it's the law, with 3 bedroom units chances are better than even that you're going to have kids in those units. So if it was me, I would view putting vinyl windows in as an absolute necessity.

The liability of not having the lead certificates is too huge. If there's a child who lives in the unit who has an elevated blood level, even if it came from outside the unit, and you don't have the certificates, you're going to be target #1 and you won't be covered by insurance without the certificates.

So just on that issue alone, yes, even if you have to put it on credit cards, I would get those new windows in, on all the units you're renting out.