Adding an ADU above my detached garage
Hey all. I'm northern NJ. I'm looking to add a ADU above my detached garage. Now I called the zoning board and spoke with them. I need to draw up plans, get a site survey and do some other build up. It would be a 10k upfront investment. To build the ADU with sewer tie in and electric, it'll be about 50-70k depending on my finishes. When done it'll be a 2 bed 1 bath apartment with a parking spot and garage spot. I can rent it for around 1800 near me easily.
So this is my basic thought about it. Now the real thing is do I spend the time convincing my zoning board to allow me to do this to my property or do I just not bother and throw the money into an existing property. It's about a 20-24% ROI roughly since I don't know about my taxes and such to do this. Also I can do all my own work, but hire out mostly on my flips and buy and holds.
Another thought is converting my Cape style home to a multi family. The reason I don’t want to do this is I don’t want to hear my tenants nor do I wish for them to hear my kids screaming all day.
Thanks, let’s chat about it.
“ Looking for single family cape style homes in northern NJ area preferred. Open to all markets though. Send deals my way, The Cape Guy will close today.”