West Ashley Triplex – New Construction House Hack (Looking for Insight & Feedback)

West Ashley Triplex – New Construction House Hack (Looking for Insight & Feedback)

Realtor · Charleston, SC · Member since 2017 · 12 posts · 2 votes

Hey BiggerPockets family 👋

I’m in the early stages of a new construction triplex in West Ashley (Charleston, SC) and would love some feedback from anyone who’s done a similar house hack or small multifamily build.

Project overview:

  • Triplex | New construction
  • Under 3,000 sq ft total
  • Planning to live in one unit and rent the other two
  • Targeting efficient layouts, simple design, and strong long-term cash flow
  • Existing plans from a couple years ago that may need updating to current code

Goals:

  • Offset (or eliminate) my personal housing expense
  • Long-term hold with appreciation
  • Potential to refi later and repeat the model
  • Keep construction costs tight and predictable

Questions for the group:

  • Any lessons learned on new construction triplexes?
  • Best unit mix for house hacking (1/1 vs 2/1)?
  • Financing strategies you've used successfully (construction → perm, FHA/VA, etc.)?
  • Anything you wish you had done differently on your first small multifamily build?

I’m a Realtor and property manager locally, so I’m comfortable on the operations side, but always looking to sharpen the development and financing piece.

Appreciate any insight, numbers, or war stories you’re willing to share. Happy to give updates as this one progresses 💪

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  • Investor · Mt Pleasant, SC · Member since 2018 · 54 posts · 46 votes
    8mo

    Based on your SOW, what's your approximate cost per sq ft?

  • Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
    8mo

    Just at a glance, I probably would not build 1 bedroom units as 2 bedroom units should be more profitable, especially since the marginal cost to build the additional room should be low. The other question - is there any additional value to building vs buying? I know multifamily is hard to come by in CHS, but the prices that some contractors are charging right now is ridiculous. It wouldnt surprise if your construction cost is $250-$300/sqft, putting the total cost on this close to $1m. 

    If this will be your primary, construction financing shouldnt be an issue as long as your qualified.

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