BRRR - Abandoned 5 Plex to Cashflow
Hello I have an accepted contract on a 5plex / 6K Sq ft 25 Room 15 Bed MF that has been abandoned and reclassified as illegal non conforming. In order to bring this back into conformance the property will require 10 off street parking spaces which do not exist on the property and be brought fully up to code with sprinklers and fire alarm systems. I am looking into other nearby lots to see what is available but wondered if anyone has experience with this sort of dilemma and whether its worth the effort. The property is relatively cheap 75k + 30 - 40k for parking, needs almost total interior rehab, good bones, roof, siding, windows in good shape. I'm budgeting $50.00 a sq (300k) to renovate the interior: plumbing, electric, 5 kitchens, 5 baths 5 new hvac systems. When fixed will rent at roughly 5500 - 6K a month. Is that budget realistic in Massachusetts? Any advice when going to zoning board, when does it make sense to hire a lawyer? Any and all thoughts appreciated.