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Updated about 2 years ago,
2 properties on 1 lot, good first home/rental?
My bf and I are first time home buyers and are interested in house hacking and/or multifamily in central FL. We found 2 single family properties on 1 lot seller is asking 245k (description below), we want to live in the primary home, and long term rent the 2nd to his mother potentially. (If not, maybe medium term rent to traveling nurse as a major hospital is right down the road.) However, we need to evaluate how much it would cost to remodel the 2nd property. (Bf is an ac tech and pretty savvy with construction so hopping this would help cut down on some cost) Would there be any red flags/downsides/things to watch out for in this situation?
Description states,"kitchen cabinets, water heater, bathroom, flooring, plumbing, and AC was all done in 2017, porcelain tile throughout the property, low Property taxes, and NO HOA. There are 2 (two) PROPERTIES ON THE LOT, the second property is a two-story single-family home that could be remodeled, the second property has 1, 100 SF heated and 2, 596 Total under roof, no value is being added to the secondary property."