Triplex Conversion from SFM Estimate

[Raymond Rashid]

I'm looking at purchasing a SFH that is zoned R3. Which in Ontario means I can have three units.

The home is priced at 200k. My plan was to create two 2 bedroom units with 1 bath and a 1bedroom unit in the basement also with 1 bath.

I've looked at the Vacancy rate for the area at its at 3.1% and rents for 2bedroom apartments are 1300 + utilities, 1bedroom 1000+ utilities. I would rent for similar, but would cover gas and water. I plan to separate Hydro. 

Their are no direct comparables for triplexes sold in the area, but there is a duplex for sale for 350,000. I am lead to believe I would get at least 350,000 for a refinance.

The difficulty I am having, is estimating the rehab/construction costs. I've done home renovations before, but i've never done anything where I've had to apply for a building permit.

Does anyone have an easy way to estimate the below, including labour or can anyone share with me a detailed breakdown of their triplex conversion costs?

• Kitchen
• Bathroom
• Hydro Seperation