I currently own 3 properties free and clear in Miami-Dade county. They're not in a great part of town and I rent them to section 8 tenants. However, they are all zoned RU3, even though they are currently just housing a single property. They are 2 50x140s and one 50 x 120.
These structures were all built in the 1950s and they, quite flatly, suck.
I wanted to know if anyone has had experience converting small properties like these to MFH's and if they have any affordable housing programs they recommend or if they know builders.
I want to hold these long term, but I think I can get much more rental income from putting more tenants on them.
How's the neighborhood? Would it be worth it to demo and rebuild class A, get better tenants and more rents?
Probably not that appetizing to think about taking on a mortgage again, but it could be a way to breath fresh life into the properties.
The neighborhood is currently the hood. Some of my service people bring guns with them.
However, the way the wind is blowing, gentrification is only a matter of time.
@David Hume I have done and am doing exactly that. Converted a SFH home with an odd floorplan to a legal duplex. Now building a second unit on a property where there was one already. Have under contract a vacant lot where I will have a small house and a "granny cottage" behind. All are in low budget neighborhoods (but not dangerous). All are properly zoned for more than one. I decided that was "highest and best" use.