Florida Investment Property/Boston Basement ADU/Boston Vacant Lot
I am trying to determine the best decision for my next real estate move. I am considering purchasing another investment property in Jacksonville, FL (2 families) ($120k), converting my basement in Boston, MA, into an ADU ($80K), and building on a vacant lot that I own next to my primary home.
Basement ADU Renovation: My Boston home is a two-family that I want to convert into a three-family. I live in one unit and rent the 2nd for $2200. The basement ADU quote I received was for $80k, and once completed, this unit will rent for $2200, and the home value should increase from $1.01 to $1.4 million as that is what three families are going for in my area.
Florida Investment Property: I currently have a 4-unit in Jacksonville, FL, in Historic Springfield. I want to purchase a 2-unit property in this same area that is around $120k. I should be able to rent for around $800 each.
Building on a vacant lot in Boston: When I purchased my primary home in Boston, it came with the vacant lot next door. The lot next door is zoned for a three-family home.
Of all the opportunities, I wonder which would be the best move to make right now. I have a feeling the basement would be the best move but I want to confirm before I spend $80k+