Split Level House hack conversion with a catch

[Sean Ade]

Hey BP- I'm looking at a 4 bed, 3 bath split level home in a great neighborhood right outside of Raleigh. It's got 3 bed, 1.5 bath upstairs and downstairs is 1 bed 1.5 bath with a kitchen already in place and basement access to outside. So it would make a great conversion if I block off the lower unit and use that as a rental and I live upstairs. Also has the upside of 1 car detached garage that could make a nice little tiny home as well. The foundation and roof are in good shape, but everything inside needs to be gutted and rehabbed so there is the ability to add value as well. The catch is...there is a huge in ground pool with a small diving board in the back yard. It's fenced in and the lining is in bad shape, but it looks like it could be cleaned up and replace the lining and it would be beautiful. I'm just curious from more seasoned investors...what do yall think of investing in a house hack / long term rental that has a pool? Since it's empty, is it better to fill it in? Clean it up and keep it? Does it add value or decrease value? I always heard it was a bad idea from a insurance / liability standpoint. Are there any other options I'm not thinking of as a way to utilize the structure? 

[Nicholas Coulter]

@Sean Ade It sounds like a good deal if you can make the numbers work! Not sure if air bnb is an option then the pool will be a big amenity. I stay away from work like that and look for things more turn key for a HH personally. I like to immediately get into the house and get it working as a rental. I find it works better for me since I am always trying to get as little down as possible.