To remove plaster and redo electrical

[Garrath Robinson]

Hey everyone. I am working in my first b+h rental and its a house that has been in the family for 50 years and is in the fastest growing part of indianapolis. I would say the plaster is in about 60-70% good condition but in the bedrooms the ceiling need replaced as wel as the dining room. Along with that the electrical is pretty out of date. Over the winter i had plugged in two very small space heaters and it tripped the electrical box twice. It is a 15 amp electrical system. The bedrooms only have one outlet each as well. My plan is to hold for at least 10 years on this particular house and my thought is with that in mind i should go ahead and gut the house and start over. I should also mention that the house is debt free so the only money i will have in it is the money invested in the remodel. The home has a considerable amount of equity to work with and is again, in a quickly growing area population wise and home values are going up about 3-6% y/y for the past 6 years. The house is also three miles from downtown indianapolis. I would really just like to hear your thoughts and ideas from those of you that have been in a similar situation. Thank you!!