When renovating an investment property it's important to only take on those projects that will improve the earning potential or value of the home (this is assuming of course that the house is clean, livable, and safe.) Adding a pricey but popular feature might be worth every penny if it puts a vacation rental in high demand, while renovating an outdated but otherwise nice long term rental that is already bringing in top dollar for the area may be a waste of money.
When considering which improvements to take on check out this helpful article from American Financial Resources:
Getting The Biggest Return On Your Remodleing Investment.
Be sure to take into consideration how the property will be used and the current market in your area when evaluating which projects are likely to offer the best ROI.
