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203k Loan Question.....
Im new to the site, and have begun analyzing properties, educating myself and building cash reserves until I’m ready for my first deal.
I've found a duplex a few mins from where I grew up (Philadelphia) that comes out to a nice cash flow and nice CoC ROI%. To me, it looks like the garage has the potential to be converted into a unit. Probably not suitable for a long term rental, but could be nice for something like Airbnb to generate some more income. It's a pretty big garage separated from the house. Assuming no utility services are currently in the garage. Could that kind of rehab be included in a 203k loan? If so, what kind of cost