Multi fam property worth extensive renovations?

Question

Hi all! My fiance and I recently purchased an old property from his cousin for 20K. The property was built in 1912 and later converted into a triplex. The age and shoddy conversion work on the home means there are a lot of problems with it. There seems to be some issues with the foundation as the floors are  uneven and floors on the second story seem to be bowing down. Everything needs to be replaced and the layout is super wonky.  I would like to make it into a duplex (fiancee disaggrees) to get two apartments that are more spacious and layout makes sense.  At this point I'm not sure what the true value of the property is or what the ARV would be, or approx cost of renovation. Not really sure where to get started or if it would even be worth it to do such extensive renovations...please help 😬

John Warren · Answer

@Diana Rangel you should find a trusted realtor in your area asap. This is why it makes sense to speak to agents even if you are no where near using them. This is part of the business, and we all get it. Have a realtor put together a CMA for you so you know what the property is worth. In addition, a good realtor should be able to give you some direction on which way to change layout, etc.

You should also be speaking to general contractors asap. This property sounds like a good opportunity if you are willing to get your hands dirty.