Real estate is local and micro-climate dependent.

If it is normal to have carpet in bedrooms in your market (i.e. cold weather climates) than you might consider doing it.

As an example, a swimming pool may be a huge plus in many southern areas like Texas or Arizona, but in colder northern climates less so. 

But for better or for worse the current climate seems to be a little more on the risky side, if you aren't following the City's currently outlined procedures to a T, than I expected.

However, if you can set up a good deal, the appreciation and long-term job climate are hard to beat.

Before you rent increase the existing tenant (your only bread & butter to date) - take into consideration how long they have been there, how the keep the property & what their general reputation they have (this may be harder to figure, but you need to dig), and what the rental climate is like (tight hard to find places, or lots of inventory). 

We are in a cold climate, and while the home was renovated, it’s Bones are still 100 years old, which I’m told requires a little more BTU than a new construction ho e would.

@Mike D'Arrigo perhaps this is market specific, but in my market here in Chicago I have yet to see any properties that make sense that are fixed up, at least not in the current market climate.

You keep that stuff dead dry indoors in above grade, climate controlled storage or you're screwed in western PA.We do almost always have a rehab going that houses most of the tools and equipment, especially the larger ones that aren't in job boxes or the bins I mentioned.

What is the current rental market climate (will you have a high or low vacancy rate)?