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Updated over 6 years ago on . Most recent reply
Rebuilding SFH to MFH Affordable Housing on Small Lots?
I currently own 3 properties free and clear in Miami-Dade county. They're not in a great part of town and I rent them to section 8 tenants. However, they are all zoned RU3, even though they are currently just housing a single property. They are 2 50x140s and one 50 x 120.
These structures were all built in the 1950s and they, quite flatly, suck.
I wanted to know if anyone has had experience converting small properties like these to MFH's and if they have any affordable housing programs they recommend or if they know builders.
I want to hold these long term, but I think I can get much more rental income from putting more tenants on them.
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@David Hume I have done and am doing exactly that. Converted a SFH home with an odd floorplan to a legal duplex. Now building a second unit on a property where there was one already. Have under contract a vacant lot where I will have a small house and a "granny cottage" behind. All are in low budget neighborhoods (but not dangerous). All are properly zoned for more than one. I decided that was "highest and best" use.