FIREHOUSE CONVERSION TO RENTALS?

[Corey Kenney]

I’m looking at a brick and mortar firehouse that I can potentially convert into rentals if zoning allows me to do so, they are asking 400K and In my market average 2 bedroom apt.rent for 1200-1400. Just providing these numbers for context I know obviously I would have to account for vacancy, CpX, management, financing all that good stuff and the number of units would obviously would be dictated by the size/sqft but overall does having a good pre established building with water and electricity and sewer mean that I can definitely build out my apartments for a discounted price compared to new construction.I don’t want to give the wrong impression, it’s not a dump in anyway. There’s a large ballroom with hardwood floors and it looks good in the pictures.Has anyone done this before? I am new to investing in real estate but have been waiting to find something that will set me on the right track. I see so much value to add when I put on my investment glasses that I can’t see how I could go wrong if the numbers make sense. It’s just one of those things that isn’t done everyday but that’s the type of investor that I wish to be. I hear of people making a K-mart into storage so why can’t I do the same with this. There is even a small storage building in the rear that I could rent out or make a detached office for a property manager. I know it sounds like a lot of variables for an inexperienced person like myself but at the end of day numbers are numbers. Even if this doesn’t work out I know I’m on the right track and I enjoy sharing any ideas I have with the group. Thanks in advance