Depends on location, style of house, finishes, types of contractors, GC or self-managed, time of year, permitting costs, local codes, utility requirements, your negotiating skill and about a dozen other factors. 

I resisted this tactics until about a dozen years ago and ever since, have added another $100K + to my bottom line annually.

Bypass the middleman, save your guests the margin, and keep those guests from comparison shopping 50 other listings whenever they log back in and have to scroll past dozens of other choices on the way to clicking book on yours. 

You need to have a sit down with the tenant (wife) and try to assess exactly how she intends to move forward.

Our go to’s right now are 2 dozen donut holes ($5.50) from a local bakery, we write a personalized welcome message on a chalkboard the guests see when they walk in, my wife also will do a couple towel animals on the beds.

After reviewing the lease agreement and financials it appears that this tenant (employee of PM) is not being assessed late fees for partial rent payments.

Read a dozen books on “ Real Estate Principles”3.

The property is taxed assessed at $357k.

I network with several active investors in the KC MO and KC K markets and if a deal made sense, I am assess they would fund or potentially do a JV.  

Your cost/risk assessment can make you choose one or the other, none or both.