Salt Lake City, UT · Member since 2016 · 6 posts · 1 vote
I have a .25 acre lot that I own free and clear just west of downtown SLC. Ideally I would try and maximize density but the city will only allow a SFR. I am curious how to go about building a cheap home on the lot to add to my portfolio and increase my monthly cash flow. I am mostly just looking for a bare bones cheap simple build or manufactured home.
If the lot is worth something just sell it. to someone who wants to build there primary residence there, or find a developer to do new contruction and "flip" it. Everytime I have looked into new construction for rent, the numbers just don't make sense unless you have scale and high end. Thats why no one is constructing C class apartments the numbers just dont work at those kind of rent.
Take the money and run, or maybe start a garden???
If the lot is worth something just sell it. to someone who wants to build there primary residence there, or find a developer to do new contruction and "flip" it. Everytime I have looked into new construction for rent, the numbers just don't make sense unless you have scale and high end. Thats why no one is constructing C class apartments the numbers just dont work at those kind of rent.
Take the money and run, or maybe start a garden???
@Anthony Wright I would agree with David that a SFR rental on a vacant lot will not give you a great return on your investment. The cost of construction will be too high for it to make sense on paper. If the property is located in one of the R-1 zones the likelihood of getting up zoned to R2, RMF RMU or even CB are rather slim. Have you checked the master plan for the area to ensure that the city hasn't designated the area for higher density in the future? I am familiar with Salt Lake City. I can take a quick look at if it you would like.