Ok O'wise ones! Advice please?
We own a 3 story 4plex built in 1885, the top 2 floors are 1000ish sqft and are tenant occpied. The bottom floor is a very small 1/1 and an efficiency. We were hoping to rent out the 1/1 and keep the efficiency for ourselves. We are having a hard time finding someone (decent) to rent the 1/1, the ceiling height is low and it really is very small. Last month we had a water damage in the efficiency and now we have to spend some money on repairs and to raise the floor. Since we have to spend the money to fix the efficiency we thought about combining the 2 units to make an even bigger one, in hopes of it beeing more marketable and of course so we could charge more.
Thoughts? Worth it? Not worth it? Will it hurt resell if we ever have to?
Thank you in advance for the advice!
Take out the bath +- kitchen and it becomes uninhabitable, suited to storage and no one would care about down grading the unit. When you sell, you just fully disclose the change, but not the reason why.
Since you say it is so small and no one will rent the 1/1, why not combine the two and ask for more rent, then at least you will be making some more money, rather then having an empty unit, where you collect no money.