Should I flip my first duplex or convert it to a single family?

Question

I finally got an offer accepted ( first offer, first accept) on a 2/2 duplex in Frogtown, St Paul. It's a CAT 2. Intent is to flip it, haven't decided whether to keep it as a duplex or turn it back to single family. Any thoughts?

I would also love to get bids from general contractors in the St Paul/Minneapolis area, especially if you've worked with the city on CAT 2. Or recommendations on GCs would be appeciated. Thanks. I'm excited.  And scared out of my mind at the same time.

Sam Sharma · Answer

@Javier Sanmiguel

Thanks for the offer. I will definitely hit you up for free labor if needed. @Sam Steadman is already being helpful, even on vacation

@Chris T. Thanks. It's actually a legal duplex, non conforming as it's in a SF zone. The ARV in then end would be essentially the same regardless of SF or multi in that area, give or take. My thinking is that there's a bigger pool of buyers for single family as opposed to live in investors or general investors.

Account Closed  it's gonna be a flip, whether SF or Duplex. Your questions are spot on to consider for the future. Thanks for the info on the podcast, I'll definitely check that out.

Javier Sanmiguel · Answer

Nice job Sam! I'm a newbie and I live close to that area. If you need any help with any diy projects let me know. I want to learn as much as I can. Plus, free labor ;) Also, Sam Steadman is a good guy to have on your corner!

Sam Steadman · Answer

Congrats @Sam Sharma!!

We should meet sometime... I have a network of professionals I would be happy to connect you with. Also, nice job getting an offer accepted!!

Let me know,

Sam

Eric D. · Answer

Keep it as a duplex and rent it out.  If you flip it, duplexes are going for pretty big money, any multi-family is.

Sam Steadman · Answer

Thanks @Sam Sharma and @Javier Sanmiguel!!

Always here to help...

Keep up the good work!

-Sam

Chris T. · Answer

congratulations Sam. Before you decide to convert it into a sfh, double check the comps around your property.

If the straining surrounding houses are duplex, or multi units, converting yours into a sfh may not be attractive.

Should I flip my first duplex or convert it to a single family?

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