Investor · Billings, MT · Member since 2015 · 5 posts · 0 votes
I am trying to estimate the cost and see if this rehab would be worth it. Regrettably for my first this is not the easiest to estimate. Herds the set up. A church built in 1905 last sold in Jan of 04' and converted to a 7723 ft single family home in a rural area near Billings has come open for 196k. The area has good schools, grocery stores and parks and lakes near it. Downsides it is in a town that has a large gas refinery in it and about a 1/4 mile from the interstate and train tracks. Now with that sq feet it is in my thinking to offer 60I less then what they have it listed for and throw another 40k back into it to turn it into a very nice 4 apartment multi-family home. Now my problem is I have no way of estimating the the risk or even if the venture is worth going after. If anyone has some insite on converting a home per say into a multi family complex I would love to hear from you!!
@Gregory Racicot - what is it that makes you think you could convert a 7700 s/f church into 4 apartments for $40K? That seems like wishful thinking. I'm assuming at a minimum you have to add 3 full kitchens (including electric, plumbing, cabinets, counters and appliances) and a fair amount of partitioning. If all you had to do was throw up a couple walls and doors to separate the units and put in 3 kitchens I think you'd be pushing it to get that done for $40K. If any real work is needed, this could easily be a 6 figure proposition.
Unless it is already a "very nice" single family home and needs no cosmetic work, I don't think it's doable.
Any ideas what rents might be? Is there even a demand for apartments here? Sounds like an opportunity to lose a lot of money (probably same thing that happened to the person that made it an SFR).
Thank you Michael that's good in site. I came up with the estimate off of the work already done. There is two apartments started in the basement already. I dont know the extent of there work that needs to be done but my estimate was built off the amount of work I can do myself on the rehab and hat it would take to get one other apartment fully funtional. You see Michael Siekerka this is my first project and will be an owner occupy project that I'm undertaking. But I will do a little more numbers crunching. Was more or less looking for someone who has under gone about the same process so I could get the details of such a project.