Condo Conversion NE Washington DC
Greetings BP Fam,
I have a prospect looking to sell a multifamily in NE DC, 1300 block of Bryant street. 4 units, 1 bed/1 bath each. Seller wants approximately 600k. From my limited knowledge of the DC market I think this may be a deal worth pursuing. I have found that as is sales in the area are around the seller's asking price. ARVs for condos are approximately 300k for 2bed/1bath. Thus I concluded that the ARV of subject would be 1.2 mil by adding an additional bedroom. My questions.
1. How to calculate repair/construction costs to do condo conversions? Primarily speaking of permits, architectural drawings, any other special assessments/fees that need to be considered.
2. Is my math accurate thus far?
3. All units are tenant occupied. I know in Baltimore City, you have to provide tenant an opportunity to purchase property before selling to anyone else. What are the laws regarding this issue in DC?