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Updated about 5 years ago on . Most recent reply

User Stats

49
Posts
4
Votes
Sohrab Ansari
  • Investor
  • Ann Arbor , MI
4
Votes |
49
Posts

First time building, please help

Sohrab Ansari
  • Investor
  • Ann Arbor , MI
Posted

This property came in my way. It is unfinished. It can be 3 or 4 units (currently approved by city as 2 units) and 1 unit is finished. Two brother started over 10 years ago and lost interest in finishing it. 

The finished unit is -1600sqft, 3 bedroom and 2 bath 

Second units is 1400 sqft - unfinished but has electric and plumping 

third and possibly 4th units - just wall, needs electric and pluming. Between the two units 1800-2000 sqft. 

Also have about 1700sqft of storage/garage

Each unit can be rented 1250-1500/month

Asking price $250K, average comp very very very conservative is $135 (single family are listed 160/sqft)

Based on what you see, how much you would roughly estimate to complete this? How much per sqft? 

Where to look to find someone help me finish this project?

my goal is to buy it, finish it and refin and keep it long term. 

Thank you. 

Most Popular Reply

User Stats

279
Posts
133
Votes
Will C.
  • Rental Property Investor
  • Richmond, VA
133
Votes |
279
Posts
Will C.
  • Rental Property Investor
  • Richmond, VA
Replied

I don't have any advice but looks like an interesting project and will follow to see what others say. I will say that looking at the pictures the building does not look as big as the sqftage your quoting for each unit. Also looks like some living space near the utility?

  • Will C.
  • Loading replies...