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Should I invest in Renovations?

Hello All,

I have a single family rental in Indiana that I paid off during Covid for $33K.. I am not sure if I should pay the renovation costs to get better rent or leave as is. The current numbers are:

SQFT 1556 3bed/2 bath

Built 1971

Rents for $825/month

Expenses: Management + Insurance+ Taxes : $250

Mortgage: $0

Net Expenses: $575/month

Current value ~$110k. Basically the the renovations would be a brand new kitchen (with quartz counter tops, stainless steel appliances such as Refrigerator, gas stove), upgraded bathrooms and laminate/hardwood floors. Fixed backyard deck. I have not estimated the costs but probably less than $40K. What should I do leave as is or invest in changes? Thanks

submitted by /u/NoLeopard2169
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source https://www.reddit.com/r/RealEstate/comments/1kko57x/should_i_invest_in_renovations/

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