Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
18y
I've not done it, but I've seen it done and tried to do it. Number one issue is going to be planning and zoning. Find out what zoning applies and see if it allows for the conversion. If so, find out from the planning department what it would take to actually do it, if it is allowed by the zoning.
Honolulu, HI · Member since 2008 · 3k+ posts · 2k+ votes
18y
Right, then once you know you can legally do it, the hard part is getting decent floorplans worked out, and especially handling the plumbing issues. THINK AHEAD to avoid maintenance nightmares WRT inevitable leaks and overflows. You also really have to be careful with electrical issues also, so you do not get a severely unbalanced load that will be problematic. What about HVAC? Who's going to control the system, or are you going to provide separate systems? Is there adequate parking? What about security issues- are you just nailing a door shut between units? Don't bury plumbing and electrical that is already old behind false walls or ceilings.
There really are a lot of headaches. Not saying it might not be worth it, but you really have to think through. Odd floorplans, tiny "bedrooms" with no closets, stairways to nowhere, unuseable fireplaces, all affect the marketability of your rentals, and the type of tenant you will get. Sell it to a big family, and buy 2 or 3 "normal" houses.