Repairs Needed in a Flip versus a Rental

[Eric Long]

I currently have a home under contract that I originally thought was going to be a simple live-in flip, but when I started looking at the numbers more, a rental property seems to make more sense. With that in mind, it got me to wondering what repairs I should focus on more in a rental situation? 

For example, in a flip situation I think there would be more value in converting the large half bath upstairs into a full, but in a rental situation that may not have as much value. Further, as a flip, the four bedroom layout may be okay, but combining two of the bedrooms into a large single room, possible master, would have more value but as a rental the extra bedroom may make more sense. 

I can give more details into the property as needed to what may help with the decision making but some basics: I have it under contract for $48K and I plan on a budget of $40K-$50K. I imagine the ARV to be roughly $120K. It is currently a C5-appraised home due to foundation issues and garage stability, which will be addressed regardless of the path the home goes down.

Those who frequently do both, what repairs have you found to have the most value in each situation?