Old "Family" Home: Put it back to Multi-Family?
Hi BiggerPockets Friends,
From going down so many avenues on how/when to retire.... Due to work finally catching up with me, one of my thoughts I've been throwing around in my head is the following:
The house I am currently living in use to be a two (2) family dwelling. My parents converted the house into a single family (living downstairs, bedrooms upstairs).
The house currently has 2 zones of heat, floor 1 = zone 1, floor 2 = zone 2.
If my calculations are right... My attic has the potential to become a single bedroom apartment (kitchen/living on 1 side, bathroom central in attic, bedroom/living on the other side).
The "Total" renovation... as I see it would be the following.
Floor #1 - Bathroom is currently 1/2 bath. Plumbing from the "old" washing machine hook-up could become shower stall (tub is not an option). Floor #1 - Complete.
Floor #2 - Bedroom above 1st floor kitchen becomes 2nd floor kitchen (the way it use to be). Floor #2 - Complete.
Floor #3 - The hardest: 3rd Zone of heat added, ALL appropriate plumbing / electrical /gas hook-up. Window on either side of attic would have to become doorway... with flight of stairs down either side of house to meet fire code.
I see myself occupying the first floor.
The total breakdown by floor would be as follows:
Floor #1 - 4 rooms, kitchen, full bath (Total = 6).
Floor #2 - 3 rooms, kitchen, laundry, full bath (Total = 6).
Floor #3 - 1 room, kitchen, full bath (Total = 3)
So, My question: Do the projects justify the rental?