Advice on a Garage Apartment

[Blake Wamsley]

Sorry if this is the wrong area for the post, I am new to the forum and it looked like the most appropriate place.

I currently own a home and am looking to do a hack by building a garage with an apartment above it. Total cost for the build is ~$120K which I would be paying in cash. This is for a very nice 520sqft build and includes some extra's (separate power and water, black top alleyway to apartment, burying power and low voltage lines from the pole to my house, and etc). Rent's in my area for similar places (nice garage apts) are going for $1,100-$1,400 / month.

One other thing to note, I plan on building a garage anyway which would cost me 35K-40K, so total extra for the apartment is 85K. I have run the numbers a number of times and the numbers always come out look good. I wanted to run it by you all to see what you think. Any advice/recommendations are greatly appreciated.

Thanks,

Blake