All Forum Posts by: Wayne Leebowitz

I'm in Chicago and I'm going through the same decision on a 2 unit HOLD property. However, the first floor is a 3/1 and the top floor is a 4/1 and about 1500-1600 sq ft each. I haven't talked to contractors yet but given I have the space to add a full bath and I figure I can charge about $400-$500/month more in rent I'm gonna go ahead and do it. I figure the build out and plumbing will be about $10k for each bathroom but I would rather have 3/2 and 4/2 both for cash flow and type of tenant (married couple / family).

With that said I also have another building all with 3/1 that I renovated with new kitchen, bath, granite, stainless, etc. not too far from this property and so many tenants came through and said "My budget is $X" so even though I priced it more I had to lower it to meet the neighborhood because it was mostly kids straight outta college who only make $X amount. I'm glad I didn't add a second bath in those units because I likely wouldn't have been able to recoup my money fast enough with rent increase.

So like someone else said, look on craigslist and see what the neighborhood is dictating for rents and that will help you decide. No sense in pricing yourself out of the neighborhood.

 if I'm cleared to do the basement I will have to do some changes to the plumbing just to minimize loss of ceiling height in the basement it's 7'6'' 

Doesn't the height have to be 8' to be considered livable space?

Still depends on what the market dictates.  If it substantially harder to rent a 3/1 than a 3/2 then I'd try to make it a 3/2 as much as possible, but I mean a 2d bathroom with a toilet.  Otherwise I don't think it is worth spending money on.