We are exploring the options should we 1) just clean the fireplace to its natural color or 2) Put the tile on the fire place.Any thoughts ?

Still not an excuse in my book.We converted a front living room that had a fireplace into a master suite.

Expected rent is approx $2500/month.Both are the same model- 5 bedrooms (4 up, 1 down), 2 1/2 baths (2 up, 1/2 down) and both are in very good shape, move in ready, etc.Differences:House 1:Finished Basement, but no bathroom in basement.Gas fireplace- selling point in COPaid-for solar installation (could save renter approx $50-$100/month on electricity)Small backyard with retaining wall and trees that make it look/feel even smaller (bad for small kids and dogs).Residential street but higher traffic since it's a "feeder" to the neighborhood.House 2:Better curb appeal from street Less traffic on street.Back yard is bigger, but feels a lot bigger due to layout (better for young kids and dogs (Everyone in CO has a dog)).VERY close to excellent Elementary schoolNo fireplace.Unfinished basement.My wife and I think House 1 would be better for families with teenagers (can go to basement) and House 2 would be better for families with small kids (can play in back yard).Any advice appreciated- thanks!

@Mona Arthur I am a Realtor and would suggest that you add a supplemental heat unit (Monitor heater, gas or propane fireplace, pellet stove) this way you can advertise more than one type of heat without replacing the entire heating system. 

-Popcorn ceiling coming of the wall-Both fireplaces not functional-Structural roof batten rotten need to be replaced.

For example, a log burner in the fireplace (never had a single tenant use the fireplace so this is a new one). 

Boasts in total 4 bedrooms, 3 baths, chef’s kitchen, wood burning fireplace, lounging areas & decks, custom 14ft x 7ft hot tub, in-ground swimming pool with cabana, outdoor 42" propane fire pit, 65 year old cactus garden, boulders galore, & incredible desert views What made you interested in investing in this type of deal?

I would then use hardie vented soffit for all the exposed soffits and trim the face of the soffit (behind where the gutters should be mounted) with 1x6 pre-primed wood trim and paint to match trim. replace the garage doorI would replace all the windows and doors. remove the shutters fill any holes from screws.I would paint the brick fireplace and add a simple mantel (like the picture of the one we painted and added a mantel to) Here are the before and after picturesDo you have an estimated idea in your head for what you think it will cost for the project?

Final connection to the power source either Power Grid or Alternative Energy option.Final connection will probably need to be inspected before a Green Tag is granted and power turned on.Mechanical - Not sure that a Cabin in Montana needs an HVAC system, maybe just a Fireplace for Winter and open window's with Fans for Summer.HVAC system may also need to be inspected, started, and possibly you may want to order a Test and Balance since you have multiple levels the system may be a little complicated.Plumbing Trim - Installation of Sinks, Faucets, Toilets, etc.As mentioned above, you might be able identify a rough SF budget by searching online for each of the above items and any others that I've failed to include that other commenters may point out. 

The fireplace will be sealedSmall bedroom.