Updated over 8 years ago on . Most recent reply
Buying a multifamily home that is zoned as single family
I am in the process of looking for my first multi-family home (and first home ever) in Tacoma, Washington. I have put in three offers (obviously denied so far), but have learned a lot in the process. However! I found a type of property today on the mls that I have not run into. Through my research I am not finding great answers. Any help or insight is welcomed about the issue below.
The property I'm interested is zoned and listed on the msl as a single family home. However, it really is a duplex in every sense (separate kitchens, separate meters, entrances, garages, etc.)
There are currently no tenants and has zero rental history since it was built in 1969. Has anyone run into this? A home that is listed as single family but really isn't? Could there be some kind of underlying zoning issue that will end up terrible? Could I end up buying this, then never being able to actually rent it out? Also, has anyone gone about converting a single family home to a multi?
Thank you for your advice!
Most Popular Reply
@Erin Caldwell, I just had the same situation. Bought a triplex that is in a lot zoned R-1. Confirm with the town that it is grandfathered in and you should be fine. The issue I ran in to was that my credit union balked at financing since if the whole thing burned down I would only be able to build a SFH on the lot. I was able to find another lender who wasn't concerned about it and was able to close the deal. The whole process ended up taking 5 months. I think if that actually happened, I would split the lot as it is 1/3 acre in a small village area then build one SFH on each lot but hopefully never have to go that route.