Converting one families to duplex in New Jersey
My town has a high supply of lots that are Zoned for two Families. Rental market is super tight currently and any duplexes that hit the market end up in a bidding war.
Single family properties are not selling all that well though.
Anyone have experience converting these single family homes into duplexes? I feel this could be a way to meet the required return on investment numbers for buy hold rentals at this time.
If new build is $150 + a square foot what are ballpark costs to convert from one to two family? I know this is an answer that will vary from house to house but any info is appreciated. Thanks
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Another way to look at this is to see if the house can be expanded. If you can add an extension you can maximize the property and bring in a huge amount of people as opposed to a smaller home. I had a one family in Hasbrouck Heights that I converted to a two family but I took down the old house and put a beautiful 3BR 3 bath in each apartment of the two family. Its worth exploring the idea to justify the expenses of new construction. If the house is a decent size you can save tons by adding to it.