Hi, I've been a lurker for a while but just created an account for some specific questions. I just bought my first house. I'm handy and my intention is to live in it for a few years while I fix it up and then turn it into a rental. It is currently a 1bed/1bath house plus 2 very small rooms (8'x6.5' and 12'x6.5'). The existing bathroom could use an update. I'm young and not married, I have some money saved up but not unlimited. I'm wondering where to spend my money and time to get the most out of it. Located in Spokane, WA in a nice neighborhood.
Possible Updates:
1. add ~4' to the 12'x6.5' room to make it 12'x~10.5'. I would get a contractor to do this. This would be the most expensive update but adding a bedroom seems like it would be the biggest increase in rent right?
2. Move the washer and dryer out of the 8'x6.5' room to create a "half bedroom". A twin bed fits in there nicely and its a decent layout with a closet and a window but it is SMALL. Could I even count this as a bedroom when listing it?
3. Move the washer and dryer out of the 8'x6.5' and turn it into a half or full bath.
4. Update existing bathroom.
5. Update electric. The house is old with old electrical. The electrical said its not that safe right now with a fuse box (vs a breaker box) and grounds being grounded incorrectly. The entire update would be $4500. I feel like I should do this but kinda hard since it doesn't add a whole lot of value as a rental.
In an ideal world I would probably do all these updates but money and time is limited. Which updates do you think I would "get the most bang for my buck"? Which updates would you do if you were me? I'd be doing all the updates myself except the bedroom addition. Thanks for any input/tips!
