First Rental Property - Detached garage issues

[Luc Leblanc]

Good afternoon, I've recently joined the forums but have been doing lots of reading on bigger pockets prior to signing up. I'm 27 years old and just finished working 7 years of heavy civil engineering camp jobs (fly in/out). I'm finally back home with a good job and can handle running around for a rental property now. I made the jump to purchase my first rental property which is closing next Thursday.

It's a duplex in Dieppe, New-Brunswick in a clean neighborhood. Up/down duplex with 2 bedroom/1bath in each unit.  Built in 1986.

I bought it for a discounted price knowing that I had to replace the majority of the windows and refresh the basement unit (flooring, paint, fixtures). I also knew that the previous owner neglected the roof on the garage. it ended up leaking and causing lot's of black mold.

My question is: if you were in my shoes, would you invest money in repairing the garage? roof, and drywall / insulation. I know it won't add much $ to my monthly rent but might attract tenants quicker. Might also benefit if I was to sell the rental in 5-10 years.

Purchase price : 140K$

Renos: 14K$  (all windows, basement flooring +painting)

ARV: 185K$ x 0.80 = 148K - 154K = $-6K

After all ill be able to get my down payment and some of my reno's back from my refi. any other $ put into the garage will be out of my reserves. It's not a home run in the BRRR world but a solid start I think.

Here's a few pics: