Would YOU Renovate?

[Philip Hy]

Hi all, this is my first posting in Deal Analysis....please be gentle. I would love your opinion on 1.) would you renovate? 2.) What would you renovate? 3.) guesstimate on renovation cost

Location: Far north Fort Worth, Texas. Literally across from the street from a decent middle school, half mile from a high school. 

Property: 3 bd, 1.5 bath, 2 car garage, 1,400 sf, built 1987, 2-story

Value: Bought for $125k. Was listed for $130k; Zestimate is $127k. Nearby rents for comparable properties 1,100 -1,400k. I'd like to list for 1,350k. I have another property not far from here that rents for 1,350. Cash flow about $450/mn.

Renovation? Pictures look better than it actually is. In person you can tell everything has had several layers of paint so that it has a built-up "gummy" look. Kitchen has white laminate in okay condition, kitchen and bathrooms have wallpaper in bad condition, one bathroom has slightly rusted light fixtures, the grey wall paint is either gloomy or chic (you choose), backyard has patches from the dog, master bedroom has a weird wood inset, garage has a big dent in the dry wall where someone's car hit it, 

Where would you invest to make it feel more clean and modern? I like having things "done right", but if I put in too much at once, my returns take a hit. Budget: about $5,000.

Philip

PS. Sorry for the long post. Also let me know if there is any honest and skilled contractor in DFW area!