Development (Small MF)

[Dean Fiacco]

Curious to see if anyone has had experience in small development projects like taking a SFR and tearing it down to develop something like townhouses or small multifamily projects to get more units onto the lot. Especially curious about scenarios where zoning already permitted this or what facilitating re-zoning has looked like for others in the past

[Will Fraser]

Very interesting question, @Dean Fiacco!  I'm following this one :) 

So far the only similar things I've done is purchasing large lots and subdividing and then running numbers on SFR homes zoned for 2-4 units. Most of the areas in my market don't work tremendously well for a redevelopment unless you can get the homes at 20-year hoarder price (i.e DTD price -- deeper than dirt) or you can package contiguous lots together to build a larger project.