First Property in Guttenberg - In Contract

[Richard Singh]

Whats up guys!

After a 6 month search, I just put my first property under contract in Guttenberg - a 2 family fixer upper. 2200 sq ft, 3/1 each floor. I definitely dove off the deep end with this one, as it needs:

1. Underground Oil Tank Removal (Test results came back negative and it's in the front yard under grass)

2. Full Kitchen Renovation

3. Chimney right smack in the kitchen that has to be removed.

4. Oil Burner that needs to be swapped or converted

5. Asbestos on the pipes (200' roughly)

6. A backyard that hasn't been maintained in years

Amongst a few other things. It's been exciting to go through the process and figure out what to do and where to spend. I did have a few questions that maybe you guys could help with?

To preface, I have a HIC license and have done work before with family members, but this will be my first solo project. 

1. Most of the comps in the top rental bracket have central air and baseboard heating. I currently have hydronic radiators. Will adding ductless A/C's carry the same value to renters? Would converting to baseboard heating appeal more to renters? Any of this matter in regards to ARV?

2. Does anyone have experience/advice removing a chimney? It's currently used for venting the boiler, but I presume that can be rerouted.

3. For investors in this area, what have been the best ROI improvements done to your multifamily.

4. To go tankless or not? I've read multiple threads here, it seems to be split. The leading advice seems to be stick to gas boiler and water tank, keep it simple.

Whew, that's alot. Any help on any of these questions would be greatly appreciated. Also, would love to meet for coffee or lunch with anyone in the area. My goal is to become an active investor/rehabber after this first project. 

[George W.]

Leave the boiler, convert to gas. Regular tank waterheater. You can do direct vent on both of those if the chimney is shot. 

If it's an exterior masonry chimney you'll have to line it in NJ. If its interior masonry and the taracota isnt broke you can reuse the chimney at your own risk. Township will make you do a chimney verification form, it's basically a waiver of liability on the towns/states end.