Hey y'all. With this stay at home order I had time to compile all of my pictures from my recently finished garden unit. I had to dig down to meet ceiling height (among dozens of other things). Check it out. I was able to get a variance from the city as long as it remains "affordable" (at 80% area median income). Let me know if anyone has questions on this. It took me around a year from start to finish and I was the GC on the project.
Also, huge shout out to Landon Hoon at A&N Mortgage Services for helping me refinance to a much better rate on a 30 year fixed cash out. Landon consistently has presented me with stellar service.
This is awesome to see! I've been considering buying an old two-flat in Chicago and house-hacking it, but so many of them have MIL basements that are about 6 feet tall in reality. I've heard about digging out the foundation to make ceilings taller, so it's great to see that people are actually doing this. How much did you budget total for basement reno?
Total cost was around $71,000 dollars all in with permits, fees, etc. Dig down was $27,800 and included waterproofing/drain tile, new structural, and concrete. Keep in mind I put in a ton of sweat equity on this project. It was an amazing rehab education project with the added bonus of adding a ton of value into the building along with the rent. I purchased the building as a duplex for 225,000 in Nov 2017. With the most recent appraisal we hit $400,000. Took advantage of the low rates and got all of my cash back I used to invest into the basement, and then some!
@John Clark The unit needs to remain affordable for 10 years with a city contract. However, 80% area median income for a two bedroom can be rented up to $1600/month based on the current Illinois Housing Development Authority schedule. This unit will be rented for $1200/month, and I have the tenant ready to sign the lease for a May 1st move in date.
Awesome project! Seems like it'd be hard to make pencil properly when it's all for a garden unit. Really cool seeing people doing this kind of renovation.
Thanks for sharing the journey as well as how much it cost you :)
Yea my local architect said you could do it on on 2 unit but anything larger was not possible yet. I would love to pick you brain on this. I'm going to PM you
@Account Closed Would you mind sharing the contractor you used for the dig down? I am thinking about doing something similar to my garden unit in the next year or so and it looks like they did a great job!
@Cooper Kerins - This is so amazing. Congrats! It’s intimidating when I see a unit that needs so much work because I don’t know crap about construction. Do you have any recommendations on like a construction class I could take? Not to do it myself but to know how easy or difficult it might be to indulge in these kinds of opportunities. Then of course hire the right GC. Good luck with that! All I had so far have been poor performers.
@Jairo Zapata - Not sure on any construction classes, but if you have ideas, there is defiantly a youtube video explaining the intricacies. Also, ask contractors a ton of questions when you are new to construction and obtaining quotes for your projects; don't be afraid to sound like a newbie. You will start to build a wealth of knowledge doing this hands on. When vetting your GC's immediately ask for references after the initial onsite meetings, then call said references and ask regarding the job GC performed, and to what level of satisfaction.
This is very good information. What were the variances you had to request? I see in the Evanston zoning ordinance, the lot size should be 1500 square feet per unit for the first 4 units. Were you able to meet that?
Here was the variances I was seeking, copied and pasted from the Zoning Board of Appeals meeting agenda:
"Cooper Kerins, property owner, applies for major zoning relief to establish a third dwelling unit in an existing two-family residence in the R4 General Residential District. The applicant requests a multiple family residence on a lot width of 40’ where a lot width of 50’ is required (Zoning Code Section 6-8-5-5), a total lot size of 2,358 square feet where a lot size of 2,500 square feet per dwelling unit is required (Zoning Code Section 6-8-5-4), and the addition of zero parking spaces where 2 additional parking spaces are required (Zoning Code Section 6-16-3-5). The Zoning Board of Appeals makes a recommendation to City Council, the determining body for this case."
This was a bit easier decision for ZBA to make in regards to parking since I have a landlocked property; it was impossible to add any additional parking. Evanston is really pushing for affordable housing right now, so they will look past a lot of things in order to add on to their supply. Hope this is helpful.