Hello everyone and Happy Newyear.
My business partner and I just closed on a 12 unit property in downtown South Bend. it is located in the Historic District as well as a TIF zone.
The property is split into one larger property with 9 units and and one smaller 3 unit with room for a fourth.
The larger structure has two furnaces (One steam and one Forced air. YES a retrofit mess from the 80s) as well as two water heaters. It is also all wired as a single property on the gas and electric, so I currently have to pay electrical as well as gas.
The exterior has steel siding on it with a beautiful brick/stone structure underneith
The smaller property has 3 units with an attic area that can be built out as a smaller unit to make 4. The smaller unit has a single forced air furnace but is metered separatley on the electric only but not the gas.
The property was pruchased using owner financing through my LLC for 200k, Or 18k a unit.
We have earmaked 120k for a gut rehab of both properties, including tuck pointing the exterior of the outside of the larger structure once the siding was removed.
I am currently looking for prospective sub contractors.
I am looking to on the 9 unit do the following:
Separate all utilities. We have not decided to do individual heating and central cooling units for the untis on gas or electric. Or we may just redo the current two system steam/central heat system thats in shambles into one nice multi unit central heating system. The cost is going to be the driving factor here, but it will have to change from what it is now
The rest is basic gut rehab. New electrical, plumbing, drywall kitchens bathrooms etc etc. Refinish hardwood floors and slavage and redo exsisting antique wood trim if possible. If not remove and replace. (Once again cost is a driving factor here).
The smaller house, a gut rehab as well as a new heating and central cooling system that can be seperated for all the units.
I have a 30k contigency for cost over runs.
We are currently talking to the Indiana Historical society to help with grants or other special cost options for rehab loans. I know we have tax grants from the historical society but we are also looking for a tax abatement from the county and city for rehabbing a larger property in the area as well as state and federal and city grants.
Any knowledge from the contractors would be a bonus.
Any contractors/sub contractors interested, please Private message me.
MUST HAVE REFERALS!!! AS WELL AS BEFORE AND AFTER PICTURES.
I welcome non licensed contractors too, but YOU HAVE TO HAVE REFERALS. Serious inquires only.
Thanks
SDM