Value Add: Duplex conversion to Triplex

[Mark Doty]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in San Diego.

Value add multifamily property in central San Diego. We are converting a duplex into a permitted triplex and doing a complete remodel to add bathrooms, bedrooms, laundry and several other upgrades to the existing footprint.

[Mark Doty]

@Jessica Muto , @Bill Goodland

No pics on it quite yet...And I pressed enter before I was quite ready to post the original message so sorry that it’s vague...

I'm in the process on permits for the additional unit and baths. The project is a JV with another investor in town. We expect the whole project to be close to 6 months. We'll need a plumber on one of the baths...PM me if you'd like to quote.

The financing is 15% down with interest only that will convert to a 30 year fixed if we totally screw it up. The plan is to refinance upon rehab completion when it should have positive cash flow. It's designed to be either a BRRRR or flip. Depends on the ARV and the market in June.

I’ll update this with a more thorough case study in the coming weeks...thanks for the interest!