old Brick Carriage House

[Ed McIver]

My new property has an old (100 year) brick Carriage House. The building has a bit of rustic charm but that doesn't pay the bills. The brick work is on poor condition. A mason told me I should budget 7k to repair the outside walls. To completely stabilize the building I should budget 10K+. If I rent the building out as storage I might get $150/month. Both these numbers are optimistic. The best case ROI is 18% most likely lower.

The building can not be converted to living space.

 I am open for suggestions as to what to do with it? Here are my options.

1) Let it fall apart. This is what the previous owner did. 

2) Have the brick work repointed and and repaired and rent out.

3) Have the building removed. 10K? I really do not know.

I would really like to know what other investors have done. 

Thanks