Rehab before rent, or rent as is? Help

[David J.]

I have a rental unit that is outdated and in need of a rehab. It’s not horrible just old and somewhat dirty. Mismatched floors, mismatched baseboards. Worn, etc.

I was waiting for the tenant to move out to do some work. The tenant move out and without even advertising I have high demand from people.

Some good tenants are willing to rent “As is” for the exact amount I was going to ask after rehab.

What should I do? Should I just defer maintenance and rent as is? Or at least do a little something?

[Bill Ward]

If someone wants to rent as is for the same price you'd get after doing the work, then it sounds like the remodeling would only be for your personal preference. Why waste money upgrading when there's no benefit to you? And any time spent unoccupied while getting repairs done is rent money not received. I'd either remodel and up rent slightly, or let the next tenant take it as is.