Lexington, KY · Member since 2020 · 10 posts · 1 vote
I am looking into a deal for a SFH in Lexington and when calculating the ARV I see there is a potential for an additional room, which could help increase the cash flow. Current house is 2bed-1bath with 1,280 sqft. Not sure if the investment for the extra bedroom alone would make sense or if a bathroom would be more of a priority to make it 2-2 instead of 3-1.
Does anyone know what is the most desirable layout in Lexington, KY area?
Does anyone have any experience with building an extra room in Lexington?
Financial Advisor · Lexington, KY · Member since 2012 · 150 posts · 66 votes
5y
Hi @JJ De La Llera - Not sure if this is helpful or not, but we turned an awkward 1400 sq foot 1/2 into a 3/2 and added a ton of value. Went from a purchase of price of $65,000 to an appraisal amount of $173,000. Probably put about in ~$40,000 of rehab to get there. Property is in an transitioning neighborhood in Downtown Lexington.
Developer · Danville KY · Member since 2015 · 85 posts · 110 votes
5y
@JJ De La Llera Depending on the layout (1200 sq ft is decent), you could do a 3-2. That would be ideal, however, I would look at comps around your property and see what they have to offer and base my decision on that.
Financial Advisor · Lexington, KY · Member since 2012 · 150 posts · 66 votes
5y
Hi @JJ De La Llera - Not sure if this is helpful or not, but we turned an awkward 1400 sq foot 1/2 into a 3/2 and added a ton of value. Went from a purchase of price of $65,000 to an appraisal amount of $173,000. Probably put about in ~$40,000 of rehab to get there. Property is in an transitioning neighborhood in Downtown Lexington.
Rental Property Investor · Investor from Gilbert, AZ · Member since 2018 · 37 posts · 22 votes
5y
@JJ De La Llera kJ, it all depends on the comps for a 2-1 to a 3-1 or a 2-2. Also depends on the area and rental market. Definitely pull comps and do your due diligence to see what would sell for the best price and quickest. I have a great go to guy that could be a good reference if needed. Just let me know.