How Much to Spend to Get My House Rent Ready

[Andy Vasquez]

I own a row house in Washington DC. My monthly mortgage is $4150. I have lived in the house for over two years and now want to rent it out. I think $4000/month is realistic for my home. I am in the process of getting it 'Rent Ready'. How do I analyze the right amount of money to invest in the house to maximize the rental income?

[Theresa Harris]

If the mortgage is $4150 and rent would be $4000, I wouldn't do much as you will be paying people to rent it since your costs are higher than the rent.  I'm assuming the $4150 includes property taxes as well.

Make sure the house is clean and not cluttered (if you are showing it before you move out).  If it hasn't been painted in the last 10 years, paint the inside.  You can do it yourself.  Most of the time a good cleaning of the walls (use Mr Clean erasers for scuff marks) will make the world of difference.

For cabinets, look at the hardware.  That is a quick update if needed.