Norwalk CT - 4br SFH to 2 Unit Duplex Conversion
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For investors in the southern CT area. I am wondering what you think about this deal. For anyone who has done a SFH to duplex conversion, I would love your opinion, as well.
Here are some details:
The deal: 350,000 asking price, 2600 sq feet, 55,000 estimated rehab, B zoned
Market: Within walking distance of Norwalk Hospital (stable, profiting hospital). Norwalk real estate market has been growing in the past few years. Average rent for 2 br: $2,000.
I've never flipped a home before and just curious as these would be my concerns.
1. What's the avg DOM for a $500-600k house?
2. How confident are you with that budget hitting the mark and time frame?
3. How much staying power do you have before you break even? (meaning if you sold it $550k, and on budget, how many months can you hold it while paying recurring costs (taxes, utilities, insurance, landscape, etc.).
-Gaspare