Converting 4bed/2bath into Duplex, adding an oven to unit
My wife and I purchased our first home in Denver and are thinking of coverting it into an up/down duplex. The home is zoned for two units (E-TU-C). Our plan is to rent the basement while living in the upstairs unit. The downstairs unit will have it's own entrance through the back door and has 2 beds, 1 bath, a living, and kitchen.
We are trying to decide whether or not to remodel the basement kitchen. It currently has the water heater closet, stacked washer dryer, fridge, and sink. It doesn't have an oven/stove top. The upstairs uses a gas oven/stove so
we would go that route.
If it was a full kitchen we estimate that we could rent the basement for $1400/month. We're not sure if we could rent it without the oven and how much it would decrease the rental value per month.
The other thought is to go through with the remodel and refinance once rented but don't know if that alone would add enough value to the home.
This is my first BP post so if there is information or specifics lacking that I can add let me know.