Converting a duplex into single family...a good idea?
I’m evaluating an off market duplex. As a rental, the numbers are a little tight:
Price: 210k(haven’t negotiated yet but after first conversation I think she wouldn’t go much lower).
ARV: 230k
2/2 on both sides
No major repairs
Rents : 1k each side currently. Market rents probably support about 12 or 1300 per side
Property is in Texas so property taxes are high.
Definitely not a home run once you factor in maintenance, vacancy, etc.
However, the interesting thing is the house next door, which is a single family, sold for 365k. It is smaller, and was a 3/3. So I was curious...
How difficult would it be to convert to a large single family? With that price spread, I am thinking it could work as a flip.
Has anyone tried this before? Is it even worth considering?