Hello bigger pockets community,
We are looking at a house that has potential just as a duplex it cash flows $1500 a month. When we went to the property, we learned that with minor changes we can add an additional one-bedroom and studio apartment in the basement plus it already has a separate entrance for each unit.
The basement needs new flooring, ceiling, and a kitchen. Also, we would need to add a shower to one unit. The second-floor apartment is a four-bedroom one bath that requires a full demo. We may be able to turn it into a five-bedroom one and half bath.
We are looking to do a 203K loan. After using the rehab calculator, we estimate that it would cost us around 50-80 thousand on the high side to complete the renovation depending on how much work we decide to do ourselves. Grated we do not find any surprises which we are expecting the worst.
This would be the first time we are taking on a project like this. We are looking to find out an estimated timeline for this project and any information that me many be overlooking. Thank you in advice for all information.
@Ras U-Ahk it all depends on the availability of contractors in your area. If the project is located in the city that can add to the time frame as well due to logistics.
Sounds like a 90 day project but the Best thing is to speak with a couple of contractors to nail down costs and timeframe. I would not rely on a calculator as every market is different especially NYC.
@Greg Dickerson thanks you for the information now I need to find some contractors.