I 'm new to this forum and need some advice. I'm interested in purchasing an old apartment building that is no longer in use. It is currently 24 units (very small rooms). If I can purchase it for a very low price I would like to renovate it and turn it into a 12 unit apartment complex. What could be the approximate cost for this project? and is it worth it?
Could anyone give me some opinions and suggestions?
Real Estate Agent · Plano, TX · Member since 2015 · 734 posts · 511 votes
7y
@Shar M. only good advice you can get on an internet forum with this little information is to get a GC out there to bid the project.
You could be looking at a light cosmetic rehab or a massive, can't get the plumbing to work, need to tare down level project and anywhere in between.
I say be more concerned about the things that you can't see (plumbing, sewer, HVAC, electric) more than the things you can see (Sheetrock, paint, etc.).
Investor · Fort Wayne, IN · Member since 2013 · 152 posts · 126 votes
7y
you definitely need a lot more information than that in order to get an accurate or even close estimate on the rehab cost. How's the electrical, plumbing, and HVAC for each unit? If any of those are really old or in severely poor shape that could dramatically change the cost of rehab per unit. Your best bet to get something inaccurate or within the ballpark of accurate would be to have a few local contractors walk the property or at least a few of the units to give you an idea
Real Estate Agent · Plano, TX · Member since 2015 · 734 posts · 511 votes
7y
@Shar M. only good advice you can get on an internet forum with this little information is to get a GC out there to bid the project.
You could be looking at a light cosmetic rehab or a massive, can't get the plumbing to work, need to tare down level project and anywhere in between.
I say be more concerned about the things that you can't see (plumbing, sewer, HVAC, electric) more than the things you can see (Sheetrock, paint, etc.).