Converting Single Family to Duplex Costs

[Blake Anderson]

Hi Everyone!

I'm looking at living in half of a duplex and renting out the other. Ideally having the other tenant's rent pay for the mortgage payment. Anyways, in looking at the market I think the only probable option is to convert a single family into a duplex. However, in budgeting / financing this I'm trying to find the costs associated with such an endeavor. I've tried looking online but havent found anything really tangible that I can use to budget with. For example, a per sq. ft cost, or some type of list of needed "operations" with average costs associated with. Therefore, I'm reaching out to the BP community for help. Has anyone done this before and have some idea of costs with averages? I know it varies, but looking for averages and some type of clue.

Thank You in advance!

[Blake Anderson]

It was rented within two weeks of first post for $1,100/month and a 2 year lease. We are mortgage free, property tax free, and insurance free, everything but our utilities free. When we move out, depending on the market, we will rent our half for 1200-1500/month. 

All in all, if you're reading this and thinking about doing the same, go for it! You won't regret it.