Value in Analyzing Floor Plans

[Brendan Blake]

Hi All,

Was hoping if anybody had some recommended stories on what they look for in a floor plan. To me I would think there could be extreme value in a property, that due to its current engineering allows for less than the 2% rule, but with careful and thoughtful reengineering (adding a half bath, closing off a big room to make 2 rooms instead…etc,) you could accomplish that the 2% rule with the added boost in rental income that not everybody would be able to vision.

That being said let me pose the question that I hope will initiate some discussion.

Has there been a time where you bought a less than attractive investment property and were able to change the dynamics of the floor plan with regards to beds/baths in a way that allowed for a substantial increase in rents? If so, what was you process in analyzing if the process was worth it and the actual costs associated with the changes?

All the best
Brendan