47 Viscount Street, Bray Park, Qld 4500 https://www.realestate.com.au/sold/property-house-qld-bray+park-131995866

I’m always wary of whether you’ll get your money back on a rental. Even an extra $100 a week, still takes about five years to get your money back. Anyway - paint all walls white, polish the floors, new counter top in the kitchen, tile paint everything white in bathroom with new taps. Plus make sure everything works especially the air con.

I'm with me me . Maybe get a black/charcoal bench in the kitchen , do up the bathroom , do the floors that need doing -- in fact , I'd politely ask your tenants what they think the priorities are . Even then , do the maths . $25k spent , if you are really lucky you can get $50 a week more ( say $450 a week ) but risk them moving out , that takes 10 years to get your $$$ back .

I assume you are thinking of turning the rumpus into a bedsit ? Similarly , I assume raising the ceiling ( with permits / insulation / etc , maybe even altering plumbing and wiring ? ) would be $25k or more , a couple of walls and decorating another $25k , then theres noise , privacy , even washing issues , and your existing tenants may move out -- it's not quite the same as when they rented it .

So you spend $75k there , maybe get $250 a week ( $12500 a year ) , BUT risk having one or both empty due to issues between people living in each others pockets . So you might actually get $7500 a year more , so similar to above -- 10 year payback if no interest .

Most improvements add to a houses value , and this sort of will too , but just be careful you don't turn it into a 'specialist rental' -- it will only sell to other investors .

I have rental properties , but I tend to do a bit at a time out of cashflow , and keep in a good condition without overcapitalising -- and if I wanted multi-tenants , I buy more conventional 4 or 8 unit blocks , not do conversions -- thats just me though .

Are the tenants vacating and you are doing the work between tenants? I would start getting some quotes in to give you an idea of what your looking at. But my first thoughts would be lots of cosmetic refreshes as once you start trying to do new kitchens and bathrooms then the $'s start to add up. If you can check out other properties in Bray Park that are renting at more than yours...what are the major differences and maybe start from there. I think Pottsy's suggestion of asking the tenants is a good one too.

I’d fix the floor in bathroom and missing grout. Replace the curtains with blinds and cabinet handles both in kitchen and bathroom and the white rails with chrome. Then if money allows do the ceiling raise. This could attract a Family with an older child or a someone who sublets the space. It doesn’t look like you could rent it separately due to its access.
If kitchen does not have a dishwasher I’d install one before the ceiling raise. But consult your letting agent for their advice on what the market wants.

With your budget of 25k, focus on improvements that will give you the best return on investment. Start by removing the outdated Lino, tile, and carpet to reveal the beautiful original hardwood floor. That alone can make a big difference. Consider freshening the walls with a neutral color palette to appeal to a wider range of tenants.

old post

https://www.realestate.com.au/sold/property-house-qld-bray+park-140273027

You did a great job, paid 445 and great sale price.

Since the downstairs area is not habitable, raising it to legal height and creating additional rooms/bedrooms is smart. This will significantly increase the rental value and appeal to potential tenants. When it comes to renovations, it's important to balance functionality and aesthetics. Upgrade the kitchen and bathrooms with modern fixtures and fittings, as these areas have a high impact on both rent and capital growth. Lastly, I recently discovered Mortgage Mortgage Broker in Mansfield, a helpful resource for loans and mortgages. They might be able to assist you in finding the best financing options for your renovation project.

How's the reno coming along, I'd love to see the end result!

https://www.realestate.com.au/sold/property-house-qld-bray+park-140273027

SOLD as per this post above

Renovate to sell - not to rent. It’s not worth your trouble. Get $100k and redo kitchen/floors/bathrooms and two areas and bathroom downstairs- do that and sell for double. I would never bother renovating to rent. It’s a losing game. Put in the $$$ and make the $$$$$ and move on 🌸

Lol - looks like you already did - I should read all the posts first! Well done - and renovate to sell us the way 🌸