Has anyone rehabbed a 9 bed 3 bath SFR?

Question

I am currently evaluating on purchasing a 9 bed 3 bath (2173 sqft) Single Family Residence. It was previously zoned as a duplex and can be rezoned as a duplex.

- Purchase price 85K

- Estimated rehab cost - 40K - 47K

Which include: Repairs:

Replace roof or Patch the roof. Complete cosmetic rehab needed.LandscapeConcrete to make the driveway.

My question to the community is what is your opinion on the highest & best use of this property?

Patti Robertson · Answer

Have you looked into renting it to Oxford House? I have not rented to them personally, but I know other landlords who do who are very happy with the program.  They organize group homes.  You can google Oxford House to learn more and find a local contact.

Jeffrey Tabares · Answer

The property rents now as 6bed 2 baths($2,300 per month) on 1 side. 4 beds 1 bath($1,600 per month) on the other side. All one floor. The property as of now is zoned Single family due to years ago making a door out of the dividing wall that separated the 2 units and renting the rooms for $600 per room. Section 8 has been approved at this property but if I was to purchase the property I don't think I would go this route.

It is tough to say what the market rents because it is a unique property.

Cameron Pendergraft · Answer

What are rents in the area? Does that 9 bed figure include some common area spaces counted as bedrooms? Or is the 2173 sqft just for one side of the duplex? I don't see how that 9 bed figure can fit in 2173 sq ft on top of kitchen(s), common areas, and the bathrooms.

Cameron