Updated about 5 years ago on .
Big Home ---> Multi Home.... is it worth it?
Hey all,
I found a couple of homes in the down town area, both homes are 6rms 3.5 bath, both not listed, at least not yet. I know the homes will gain equity and that would be great for my bottom line, but I'm really looking for an income generator. As a single family home both would be tough to sell/rent, I know that much. Here are basics, one home is very new for that area so no work needed unless I decide to split it into a duplex, new enough to get some high end tenants I would think. The other is fairly old but kept well not as appealing. I have a couple of questions.
- Would you rent out by room, try to split home into duplex, or a combo of the two?
- What would rent by room go for, or a rent by splitting them?
- Down Town Alb is sketch, but is there a market?
Based on your input I can decide at what price point to offer to make it make financial sense. Thoughts?
I was thinking the best thing to do would be to have someone who is also willing to invest live there and rent out/manage the rooms, any interest in that?