winter is coming .. renovate now or rent later?

[Albert L.]

Hey folks - I may be closing on a property soon in the westpark/jefferson area. 

I'm in a bit of a pickle deciding whether to ..

1 - vacate the currently occupied unit and take the next 1-2 months to do some minor upgrades (new roof, new exterior paint, new appliances, touch ups to bathroom/kitchen) then try re-renting it in the new year under a new property manager with higher rental prices (new: $750, old: $700). 

or..

2 - do renovations later after weather conditions improve and stick with the current tenants who the owner chose themselves. (i dont think they're using a PM) but rent for a bit lower ($700). The tenants are currently on a month to month lease. 

with option 1 -- upside: can finish renovating since it's a slow season anyways and potentially rent it out for higher rates and increase cash flow/returns. theres also potential to screen for better tenants and secure a longer term lease

downside: i'll have 2ish months of vacancy...

i think option 1 makes more sense but maybe there's another option / perspective i'm missing here. 

thoughts? 

thanks BP Community!