Home in Austin Texas 78702 (Chestnut District)

[Shawn Duncan]

Property located at 1306 Cedar Ave: Asking price 255k: The best way to add margin over 250k is to scrape and build a 1550 sqft front structure and an 850 sqft back structure with alley access. Selling them off individually 

ARV on 1550sqft = 462,000

ARV on 850sqft = 302,000

ARV: 762,000

Build: 288,000

Lot: 250,000

Net Profit: 219,000

[Shane Woods]

Hey @Shawn Duncan and @Jon Klaus,

Found this info again, and wanted to share.  The 7000sf requirement for secondary apartments in SF-3 appears to have been removed.  And the Chestnut Neighborhood plan appears to allow secondary apartments within the guidelines of the city code & ordinances.  So.... according to current record the way I read it, it would be allowed in this neighborhood on a lot less than 7000 sf.  But the neighborhood planning committee still has final say most likely.  

Links: 

Chestnut Neighborhood Plan Ordinance (see page 3) Chestnut NP Ordinance (pdf)

Austin Land Development Code 25-2-1462 Dealing with Secondary Apartments Secondary Apartment Code

Find a Property's Zoning: Austin Zoning Search