Adding a Basement Unit - Costs and ROI?
Good Morning,
My partner and I own a brick two-flat (duplex is the term used everywhere else -- or so I'm told) in Chicago that we currently occupy. We have a full dry basement that is 50% below ground and as such has great windows/lighting throughout. We also have two doors for egress. I'm wondering what kind of costs I could anticipate for building out a 1BD/1BA unit down there. It's big enough to do two beds but I'd rather maintain some common area for laundry. Are we talking like $60K? I understand there's a lot of variables so I'm just looking for a ball park. We would want to fit it with mid-grade finishes in hopes to get $700-$800 a month. I purchased this property before I learned about the 1% rule (I'm at .85% if I rented my unit) and I'm looking to maximize the investment as I plan to hold this property for years to come. I am more likely to afford this additional investment before I can afford another building in Chicago (looking to avoid condos).
Any thoughts, inputs, or anecdotes around similar experiences are greatly appreciated. :)