Would anyone convert a historic home into a triplex in MA?

[Patrick Hermans]

There is a large historic home in northern MA that is in an A town and in an A+ location that is on the market to be sold as a single family. I was wondering if converting it to a 3 family rental property is something that could be profitable enough to take on. Are there any investors out there that have done this in the past? 

[John McCormack]

Hmm...I not in your area at all (South Florida) but do have some experience in historic homes as we own what's called a "contributing structure". We wanted to do some exterior improvements for something as simple as siding (we wanted to replace rotted wood with Hardi Plank siding: much better) and I had to present a 30 min argument to the city which they shot down and I don't believe even had any intend of changing. 

My point is that  you'll have to probably jump through many hoops in order to comply  with the city. First find out if it's a contributing structure and get in touch with the local historic preservation board maybe? 

Alternatively, we instead of making the home a long term we've turned it into a vacation rental as that type of home is more appealing to short term vacationers. Do a quick check on VRBO/HomeAway or AirBNB and see if there's anyone doing the same close by and what they're getting for rent. However, before you do that see what the local municipalities rules are on short term rentals so you're not operating illegally.  Hope this helps!