Did I strike Gold in LA? Turning a Duplex to Fourplex
So I found a Duplex in LA priced well compared to other comps. I walked through it today with my realtor and found that it is listed for two but it has a basement just as big as the living space above it. Top and bottom are split down the middle. I am able to tell that in the past they did use it as a Fourplex but then scrapped the bottom two units.
My question is has anyone found something like this and successful converted duplex to four. If so what was the process?
I'm starting my due diligence, I'm going to the assessor's office on Monday to see what the plans say and ask about turning it into a Fourplex if possible and what I need. If so, ARV based on comps also for fixed up similar properties will be a pretty penny 100k least possibly 150k and the rent would be able to bring in minimum 6k a month upward of 7.2k.