Advise Please: Mixed use property with duplex conversion and commercial building

[Shane Moore]

Hey guys, I have recently (January) purchased two properties in a

package deal from a retiring investor. The first of which I have

completely rehabbed and it will be on the market as a long term rental

next week. The other one of them is a really unique property that has a

1925 sqft Mill home (built in 1920) which has a butlers quarters so,

the house is already virtually divided with two kitchens and two

separate living quarters. The space is ideal for a duplex with 2 BR / 1BA on one

side and a 1BR / 1BA on the other (has a huge elaborate kitchen space). In addition, to the house the

property also has a 820 sqft commercial space (old general store). The

city has given me the go ahead to convert the property from a SFH to a

duplex so, that is the direction I am taking with the rehab but, the

nuance is that the commercial space has to be used as a commercial space

along side the duplex unless I wanted to have it rezoned. This property

is zoned as (mixed use) so I can have the duplex and the commercial

store on the same land lot. I feel like the commercial space could

definitely be beneficial to the value in the future. The bonus is

that the city just received a 13 million dollar grant put in a senior

living housing community, and community garden right behind the property

so, I hope that drives up the value. The property is located in central Georgia about

60 miles south of Atlanta and 50 miles north of Macon to give you a better idea of location.

I am hoping to get a fresh

set of eyes and Ideas to be sure I am not overlooking crucial elements

of this unique property rehab. I look forward to hearing ideas and

gaining insight from you all. This is only my 2nd property so I want to

be sure I'm not overlooking things that might negatively impact me

later. I hoped that one of you might have had a similar experience.

I look forward to hearing your shared experiences. 

Peace and Blessings,

Shane