Potential 2 to 3 family conversion in Union City NJ

[Ryan Cheung]

Hi, I am looking at a deal in Union City, New Jersey. This property is currently a two family, and is in pretty good condition. The first floor and basement are currently being rented out as one unit, and the second floor is a separate second unit. The basement is fully finished with a separate entrance, and according to the agent, can legally be converted with the installation of larger egress windows in the basement. I have a few questions: How much would it cost to convert the basement? I am expecting it to cost about 10-15k with the installation of the egress windows and permit process, and take anywhere between 6 months to a year. Is this estimate correct? The basement and first floor are sharing utilities. If I were to separate the units, how would I go about separating the utilities, and how much would it cost? Are there any alternatives to separating them? Also, only the basement has access to the circuit breaker. If the power goes out on the first floor, how can the upstairs tenant turn their power back on? Will I have to add another breaker? Any input or advice would greatly be appreciated. Thanks!