how do I legalize Basement and Attic?

[Ahmed Elias]

Hi BP

I am very new to real estate and I was hoping someone could help me analyze the deal to make a decision on whether or not I should be moving forward with this deal. I came across a property in Elizabeth NJ.

Highlights:

Listing price: 350K

Property is 11 minute walk to the train station with direct train access to New York Penn Station.

Property is fully rented out bringing a total income of $3900.

Tenants category B- to C+

2nd floor details: 3 rooms + 1 bathroom + Attic. The Attic however, is illegally constructed and entrance is from the 2nd floor. The attic is spacious with 1 bedroom and 1 bath.

1st floor details: 3 rooms + 1 bathroom

Basement: also illegally constructed and has 2 bedroom + 1 bath.

Potential problem with the property:

Seller realtor mentioned that buyer is required to obtain a Temp CO before closing and from what I understood, I think the reason a temp CO is required because he tampered with the existing CO by illegally constructing living spaces in the attic and the basement.

Questions:

If I decide to make an offer, approximately how much would it cost me to bring in an architect and provide me with a temp CO?

Secondly, after I take ownership of the property with the temp CO, approximately how much time and money would it cost me to get the final CO that reflects legalization of living spaces in the basement and attic?

  Thanks