Sell as 2 family or condo conversion

[JP Krueger]

Hi, I own a 2 family in East Boston.  It pretty much needs to be gutted on the inside(except one unit was recently partially redone) and needs everything on the exterior as well.  I need the cash so I am looking into either skipping the headache and selling as a 2 family or making it really pretty and selling as 2 condos. There is additional framing and electric in the basement that could be turned into a bonus room, bed room or if I was really trying to open up a can of worms, a 3rd unit.  The problem is I cant even come up with ballpark numbers because there are so many variables, but I will give it a shot.

Sell as is: $700k

Condo conversion: 2 units for total of 1.1M to 1.3M

Expenses: 200k-300k for attorney fees and all repairs

Opportunity cost(carrying mortgage and delaying debt paydown/investing): 150k

Condo conversion profit: $650K To $950k

What am I missing? What would you do?

[Lien Vuong]

I'm going through something very similar in Eastie and have decided to go through Zoning as it allows me to inject value without doing anything to it. That's a win for me, I dont think that $200k would be enough to turn that building into a condo grade property and you'll like need to dormer because of the pitch of that attic. 

Happy to give you an ear and talk through if you'd like, best of luck!