Developing a new construction 4 plex Commerce, Texas
We own a lot free and clear in Commerce, Texas. A college town in North Texas. We already own a triplex in the same city and have had great success with it.
We are in the early stages of planning to develop the lot to build a 4 plex. The property is zoned for apartment units so we are good on that. The challenge is we are limited by lot size. CIty code requires a minimum of 1500 sqft per unit and our lot is just over 6000 sqft. The main challenge is the city requires 2 off street parking spots per unit, but we are hoping to have a solution to that.
Please share what knowledge you have on what to look out for on the construction side when it comes to choosing a GC for the building,
We already have an architect working on the plans.
We are planning for two stories. Two units on the first floor and two on the second. We are aiming for (4) 2 bed 1 bath units with an expected rental income of $1100 per unit.
This is based on our experience with the current rental we have in which we can charge $825 for a 1 bedroom unit that is much older and without central HVAC.
Any advise is welcome.