3 level apartments converting into SFH

Rehabbing, Fix and Flip, Rental Properties
1

Hi all,

I am looking into buying a 3 level apartments and converting it into a SFH. The current 1st level is 3/1, 2nd level 1/1, 3rd leverl efficiency. I plan to make it real nice since this property is on a prime location with great view, could sell for 400 ARV. Any rehab guru here knows the approximate range of rehab cost for this project? Any input is helpful.

Many thanks in advance.

Anthony

2

A follow up question on this one:

How could I find out if this house is zoned for 1 family or 3 apartments?

Thanks,

Anthony

3

Ask the city or county zoning board.

Keith

4

Thanks Keith. Any idea to my first question?

Anthony

5

“Hi, Zoning Office? Can you please tell me what the zoning is for the property at 123 Elm Street?”

The may give you a cond like “R-1”, “C-3”, etc. Be sure you ask what the code means.

And, oh yeah, don’t forget that these are city/county employees paid from your taxes to assist you…that’s part of their job!

Keith

6

keith,

Sorry my question was not clear. I was asking if you have any idea to my first post.

Thanks,

Anthony

7

Too many variables to even guess…

Size/Square footage?
Roof?
Furnace?
A/C?
Foundation?
Total rehab? Of everything?
Appliances?

8

Some more info: This is a historical 3 level 2000sf row house. Good fundation and beautiful exterior looking. Haven’t got inside yet, scheduled for this Saturday. There are kitchen and full bath on every floor. The first floor and second floor are rented out, 3rd floor and basement partially finished. It has 1 furnace (old, my guess), no cooling unit, and 1 meter. It is zoned as a 2 unit apartment. The big question I am still wondering is whether I should upgrade it as a 2 unit apartment or should I convert it to SFH. Rent on this area is about 1200+ for 2-3 bed apartment, so estimate rent income 2400+/month. House 3 doors away sold for 370,000 this month. Asking price is 250,000. The current tenants are not paying on time. The landlord filed for eviction but was dismissed on the 1st trial for not laying out the information clear enough for the judge. I plan to replace all the carpet/floor, appliance, paint, install gas heater, CAC. If to convert to SFH, the kitchen on 2nd&3rd floor needs to be changed to living space, while the kitchen on the 1st floor needs to be extended.

Sorry for the messy info. Any suggestion is helpful.

Thanks,

Anthony