Bought a 100 year old home - Looking at using for event space rental

[Tim Brown]

Saw a house with a For Sale by Owner sign in a yard with tall grass and after some drama, we have a house.

We have dealt with long term rentals for over 15 years, but not aggressively ( keep them rented and do some improvements ).

This "old house" needs, updated HVAC, new roof, new kitchen, some broken windows, upgraded electrical, water run off issues...

I'm just starting to clear the house out with multiple dumpsters and starting to get quotes.  

Stats on the house:

Approximately 2400 square ft.

1st floor - 

           - two full bathrooms, 1 large living room (14x16), 1 small living room (10x12), and kitchen(10x12)

2nd floor

            - One large bedroom (14x16)

            - Two smaller bedrooms upstairs, but you have to walk through one bedroom to get to the other.

Comps in the area range from 220k - 300k.

Rentals Comps would be 1700 - 2200.

The front of the house seems like it would be "picturesque" for small venue events.  I am currently tearing through videos and websites to try and gauge demand for such things.

Oh, and I'm getting information together to see about rezoning as the property is currently R2 and for Event Space Rentals it needs to be B1 or B2.

How can I go about gauging demand for small event spaces in the area ( I'm guessing the house occupancy at 40 )?  I'm working on calling a list of event planners to see if they will share any information.

As long as I have a plan before renovations, then I think my worse case scenario is that I spend some time, learn some things, and sell it.

[Bruce Woodruff]

Are there any other Event Rentals nearby? How busy are they?

Alternatively, would this work as a typical STR?

I would have a GC give you a complete and detailed Scope Of Work for the reno budget....IE how's the electrical and plumbing? Sewer line especially.... Foundation? (I assume raised).

Because if you are off on your budget, this all becomes a moot point...