SFH with two kitchens

[Josiah Horn]

Hello! Looking for fixer uppers with flipping in mind but found a SFH on the outskirts of town. It is bank owned asking around 95k it needs a touch up but practically all cosmetic barring a possible heating system issue. It is a huge house about 2100 sqft, 4bed 3+ bath with 2 kitchens. Each level (on a hill) has 2/2 and a kitchen and if split into units we know it could be a great rental. Rents for a 2 bedroom are roughly 1000 for a decent place and i know a lot of people on here think thats a lot but it is typical here

My business partner and i would initially move in to each side for rehab approx 1-2 yrs and "pay rent" we are young and already live together so thats not an issue we bounce around periodically, we would push off seperating utilities at least until we moved out, or maybe much later if possible.

Anyways, Has anyone on here done this before or thought of doing it? 

The main issues i see with this idea are:

1) Splitting utilities is going to be very expensive and most likely kill any real margin 

2) Actually get permission to split the home, there are however seperate entrances and windows so there might be hope.

Any Input?

[Peter M.]

Check zoning to see if it is allowed. If not you would have to apply for a variance which takes time and money. As far as splitting the utilities goes if you live in it for a year or 2 you will have historical data for how much it all costs and you can either build it into the rent or charge a pro rata share to each tenant each month. Could be a good deal, could be a money pit. Good luck