First Time BRRRR Need Advice!

[Ryan Grant]

Hello,

My business partner and I just closed on our first property we plan to BRRRR in Richmond, VA. It looks like a long time ago a 3rd bedroom addition was added to the back of the house attached to the 2nd bedroom. The only access the 3rd bedroom currently has is through the 2nd bedroom. There is also only one bathroom and it is between the 1st and 2nd bedroom and only has access from either of those rooms. I have attached a sketch of the layout. We aren't sure if we should leave the layout as is, make the 3rd bedroom into a bathroom/laundry so each bedroom has its own bath, or build an addition along the back side of the house to connect the 3rd bedroom to the living room or the kitchen. If we go with the addition, we are worried that could get costly because of permitting required and extra costs for the house currently having asbestos siding. We couldn't think of any other way to give the 3rd bedroom access without doing this addition. Our budget for the entire project is about $35k to $40k and it already will need new roof, HVAC, floors, kitchen, bathroom, and we had hoped to open of the floor plan by removing the walls between the living, kitchen, and dining room. Below is a link to a 2 bedroom and a 3 bedroom comp. that are neighboring houses that sold in the last year. Any advice or suggestions would be greatly appreciated!

Our House:
https://www.zillow.com/homedetails/2707-Henrico-Dr-Richmond-VA-23222/12528230_zpid/

2 Bedroom Comp:
https://www.zillow.com/homedetails/2711-Henrico-Dr-Richmond-VA-23222/12528228_zpid/

3 Bedroom Comp:
https://www.zillow.com/homedetails/2702-Wellington-St-Richmond-VA-23222/12528238_zpid/

[Robert Stamper]

Hi Ryan,   What about this?   I don't think you want to get rid of that bedroom.   3 beds rent for more and sell for more.   Weird configurations don't rent or sell well. 

How about this?  Move one wall and some doors.  Reconfigure the bath...  One of the bedrooms gets smaller, but the dining room gets bigger.