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Updated over 8 years ago,
Really difficult property- need advice
I am in the option period on a 4 unit property in San Antonio. I like the property but there is a twist. The property has a 2,080 sq ft triplex and a single family home that is 3 BR 1 BA about 1,000 sq ft. I'm not sure if this is correct because the home feels much larger. The single family home is on the small part of the lot so rezoning and selling it separately isn't really an option. The fact that this property has a triplex and home one it makes it difficult to finance, but I figured it out.
MY QUESTION: I was thinking of turning the single family home into a condominium so I can sell it separately. I think i'll have a higher return on this. The whole property is 225k and 3 BR 1 BA homes in the area of this size go for 130k and triplex go for 200k easy. What do you think of turning the single family home into a condominium?