I have recently come to the conclusion that I need(want) to do a big construction deal. I have found a unique property; it is a 2 unit building on a quarter acre property- the thing is it is in a bread-and-butter (homes are currently b/n 450k-520k there, but is down from last year) and the only property that is like that in the immediate, there is a school about 1000 ft away (not that far) and has already been zoned for r5 or r6. I have spoke to the Realtor, he said the r5 will allow for (up to) 26 individual sfr and r6 up to 30. the whole lot they are asking 750,000 but that is a lot more than the current value- it would only make sense to construct on it. This is the real question I have, how can I get estimates for the constructions. realistically, i do not want to spend more than 215,000 per home (and all lottage expenses) but need each unit to be worth at least 450+. Doest it make sense that spending 200,000 to build a home (2 story w/ fin basement) or am I dreaming about finding someone to construct this for that price??? (financing is not a problem-) PS I need all the homes built at the same time(b/n 25-30). Thanks.
Your post is a little hard to understand but as soon as I see this:
they are asking 750,000 but that is a lot more than the current value-
I’m thinking bad deal.
If you have a house plan you should take it to some general contractors and see what they think. For that many homes they’ll give you an estimate for free, maybe even a hard bid. You’ll probably need an engineer to design drainage etc.
How many homes are you planning to put on that 1/4 acre lot?