Adding an ADU to a 4 plex

[Robert Johnson]

Hey BP,

I just bought a 4 plex last month with an FHA 203k loan last month. While I have been fixing up the property I've started to really think about converting a old brick storage building into a possible ADU and running some short term rentals out of it. Im estimating it would cost about 20k to do the renovation, but it's a very small space (160sq ft). I would estimate I would rent it out for about $30 a night on the low end. What are your guys thoughts?