rehab without renter or no rehab with immediate renter

[Sheena Drake]

Our first rental one year ago was inherited renter so we knew up front the immediate gain.  Now a new dilemma, for which I continue trying to educate myself daily here on BP.  If we could get a rent of $600 per month without rehab costs and no downtime, would it be worth it for calculated cash flow $135 per month?  versus downtime of 3 months to rehab (cost being $34000 for purchase and $15000 rehab) and losing $1800 or more in rent, but could then charge $900 for rent?

If my brain is firing on all cylinders I would recoup the $1800 lost in 6 months by the increased rent.  But we have 3 other rentals that we are getting rent ready, so it may be delay of more like 6 months.

And last, my fear of immediate renter, no rehab, cheaper rent is that when I do want to remodel it (maybe in 2022) it  may be occupied.