Garage to apartment conversion

[Tim Fagley]

Hi all - I am looking at buying my first income multi-family property, a quadplex with an attached 500 sq ft, cinderblock garage that if I can convert to a one bedroom/one bat unit might make this deal worth it. My question is what ballpark would I be in budget-wise working with one general contractor? Under 25k, over 25, over 50? It already has a separate electric meter and on the same water meter as the other 4 units, there is a washer and dryer hookup. Rental price would be 1700-1800 month so medium finishes like vinyl flooring, stock cabinets and counters, central ac, the two car garage door opening would need closed up with a front door and five additional windows would need to be installed around the unit.  Thank you

[Calvin Pringles]

Should be possible in my personal opinion, if not, you can still fly under city radar with the conversion, but that is a risk that you would have to be willing to take on. Being that the water and electric are there, I would ballpark 40-50k.

10k kitchen, 7k bath, 4k floors, 4k drywall, 5k furnishing, 2k paint, 2k mini split, 2k windows x 1.5% for the "oh sh*t" factor. 41k