Can I do an FHA 203K on a lot with two duplexes on it?

[Bria Bacon]

Hello all. I'm a newbie investor based in Atlanta looking to invest in my 1st multi-family property using the FHA/FHA 203k loan. I found a fixer-upper property that has two duplexes on one lot. They were originally duplexes, but have both been converted to single-family homes. My idea is to do the FHA 203K and renovate them fully, converting them both back to duplexes. I found another lot that had a quadplex & a SFH on it. I like the idea of living in the SFH while renting out the quadplex. Will I be able to do the FHA loan with two properties on the same lot? Is this feasible when there are two homes on the same lot w/ two different addresses? Any insight/pieces of advice are helpful!!

[Michael Dumler]

@Bria Bacon, this is all nuanced. I could be mistaken, but this will likely not meet FHA underwriting if two separate addresses exist. Both properties would need to be on one parcel under one address. Moreover, I would assume there would be some underwriting interference if the properties are converted from SFHs back to duplexes. What does the tax ID indicate? What is the lot zoned as?