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I agree with jingo. I'd look at cost & return of sprucing up all of them & seeing what it would add to the rent. that's a question only you can answer. I have taken the crappy return option myself, in exchange for future flexibility and potential to capitalise on the land. As I said, this is...

MattC, the configuration of the house sounds like it may give you a pretty good yield. Do you know what it would rent for? Most of the time with developing, unless you can do it with cash, you just need to be patient. I'm unfamiliar with the suburb but I know the general area & think it's a...