Basement Dig-Out in DC
I recently bought a semi-detached house in Crestwood and have been exploring converting the basement into a rental apartment. The space has a lot of potential -- it is ~900 SF and partially below-grade so there is good natural light. A very conservative estimate of rental income is $1,500/month.
Before buying the house, I knew I needed to replace the HVAC and boiler and improve the drainage in the basement, so these items will be part of the project.
The scope of the work includes:
- Underpinning one wall of roughly ~45 LF (because our footers are uneven). Currently, there is 6'9" of clearance (below the 7' required for renting); underpinning this one wall gets us to 7'2.5". I would love to get to 8' (or higher), but it just seems cost prohibitive.
- Installing perimeter drainage system, sump pump, insulating walls.
- Pouring a new slab.
- Cutting a new egress door.
- Finishing with Ikea-grade kitchen and bathroom.
- Replacing HVAC and boiler.
This will be my first construction/renovation project and I've been somewhat shocked by the proposed budgets I've seen. The best proposal I've received so far is $260k all-in.
I'd love to hear any thoughts from folks with experience. Do you think this project is worth it? Is there a better way to approach it?