General House Building Costs Around Rhode Island

[Nelson Taylor]

I am considering buying a wholesale triplex property on a large lot in Pawtucket, RI. House after renovation isn't the best BRRRR candidate and would cash flow at $100/door (not enough for my general parameters). The upside to me would be subdividing the lot and building new construction spec house. Any moderately priced single family builders out there who know general cost/sqft to build new in this area? Thanks Dream Team!!

[David Sisson]

I think Pawtucket is a bit more friendly than Providence, but zoning hinges on asking for something that's reasonable, and is allowed, or ALMOST allowed by the zoning ordinance "by right". 

Generally, they're going to want to see that BOTH lots have:

1) enough square footage

2) Enough setbacks (old buildings rarely have the setbacks)

3) Enough parking

4) enough FAR, frontage, and possibly other dimensional issues

You probably won't be conforming for every one of these categories. If you aren't conforming, you are asking for a variance, possibly a variance for BOTH properties. 

I'm doing this on a property in E Prov right now - no guarantees that it'll work - but we try to make our case seem reasonable, and try to de-emphasize the "because the owner wants to make money" part. Some communities can see that it increases the tax base, but some don't care. It really helps if you can say "I want to build a home for myself" on the empty lot. Or "I want to build a home for my mom and dad" etc...