Runum
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Hey hakrjak, I've got a smaller version of that. Large house, it was already divided into 3 units, I wanted to split one unit in half and make 4 total units. Bought it for $40k cash total so I was into it for, I hoped, $10k per unit. Should be worth $90/$100K fully finished and leased. We have rehabbed the 2 lower units and have them leased. Things I've learned:
City code would allow me to split the upper unit into 2 units BUT, I would have to have a sprinkler system installed.
Checked on sprinkler system. No problem, just tap into the existing system. Nope, called fire inspector or chief, has to be a completely parallel system from the main. This is water that can not be turned off at the meter. There were many other quirks about the sprinkler system and the more I asked the more expensive it was going to be.
Dealing with the city and permits is like hurry up and wait. Painfully slow.
So a 3 unit old house it is. I have done most of the rehab myself with help from my retired dad. We have major wiring problems due to partially updated wiring. I saw newer wire during a brief inspection and assumed it all had been updated. Wrong. We have some plumbing problems in that when something leaks upstairs it affects the lower unit also.
We had to rebuild many old windows due to rotting wood.
Overall it's all OK because I am doing the majority of the work. If I had a reasonably priced handyman to do some of the work it would probably be OK also. If I had to hire contractors to do everything I would have to count my pennies. When finished it will be a cash cow but it is tough work. Only about a month from being finished.
Have a good inspector take a long look at it. Check on zoning and city ordinances. Good luck.:cheers:
Greg
City code would allow me to split the upper unit into 2 units BUT, I would have to have a sprinkler system installed.
Checked on sprinkler system. No problem, just tap into the existing system. Nope, called fire inspector or chief, has to be a completely parallel system from the main. This is water that can not be turned off at the meter. There were many other quirks about the sprinkler system and the more I asked the more expensive it was going to be.
Dealing with the city and permits is like hurry up and wait. Painfully slow.
So a 3 unit old house it is. I have done most of the rehab myself with help from my retired dad. We have major wiring problems due to partially updated wiring. I saw newer wire during a brief inspection and assumed it all had been updated. Wrong. We have some plumbing problems in that when something leaks upstairs it affects the lower unit also.
We had to rebuild many old windows due to rotting wood.
Overall it's all OK because I am doing the majority of the work. If I had a reasonably priced handyman to do some of the work it would probably be OK also. If I had to hire contractors to do everything I would have to count my pennies. When finished it will be a cash cow but it is tough work. Only about a month from being finished.
Have a good inspector take a long look at it. Check on zoning and city ordinances. Good luck.:cheers:
Greg