All Forum Posts by: Joel O.

I am about to put an offer on a duplex that is vacant for more 1+ years (not exactly sure how many yet) . Per the tax assessor's website, the property is zoned as R-3 (Multi-family Residential). However, the current zoning map has the area as R-1A (Single Family Res.). My realtor mentioned that 12 month of vacancy/abandonment loses any grandfathering in, i.e., R-3.

Questions:

1. How hard is it to rezone the property class back to R-3?

2. If rezoning is out of the question, the lot size dose not meet the new zoning requirement of R-1A (min req: 7,500 sq ft, actual: 6,800 sq ft )? Does that mean we cannot even turn this into a single family resident?

Any help is appreciated.

Thanks,

Did you ever get any insight on this?

1 Vote

Atlanta, Georgia

anyone have any updates on this? my tenant also filed an answer back in August and still no court date. Are you all experiencing this as well?

0 Votes

Atlanta, Georgia

Originally posted by @Greg French:

Hey Joel, depends on the contractors you use but most clients that we've worked with have used $85-90/sqft for additions off the back as a general rule of thumb for the Atlanta area

Thanks greg, this is similar to the numbers ive been told also, but apparently due to the material shortage there could be higher $/sqft depending on the finishes.

0 Votes

Atlanta, Georgia

Originally posted by @Rick Baggenstoss:

Of course it matters if you're adding a closet vs. a kitchen.

Here's how to look at it, broken down by 'phase' with rough numbers since we have no idea what your building or what the lot looks like:

- Foundation Block - $4/ft (height matters)

- Framing per sq ft - 10/sf

- Roofing per sq ft- 22/sf

- Flooring per sq ft - $7/sf

- Paint/ Sheetrock/wall covering per sq ft

- Trim per sq ft - 7/sf

- Exterior wall covering and trim per square ft -- ??

- Plumbing/Electric/HVAC bump up for addition -- $1000?

- Insulation - under and over -- $400

- Architecture/Survey/Permitting costs -- $1 - 2k more

Completely forgot to mention that part. It would be an additional bathroom and closet space

Still waiting to get numbers back from contractors.

0 Votes

Atlanta, Georgia

I believe in a market such as this, it’s not a shock for the buyer to cover the closing costs

0 Votes

Atlanta, Georgia

Hey all, I plan on speaking to a handful of contractors today.

What do you all expect the average cost of adding about 500sq ft to a single family cost around the Pittsburgh, Lakewood, Grant park areas essentially south Atlanta

1 Vote

Atlanta, Georgia

@Randall Ayers did you ever get back in contact with next-financing? did they give you a reason as to why they ghosted you?

4 Votes

wow these are interesting numbers. im assuming that if the job market in these areas also show high unemployment rates this would support those delinquent loans? Unless the information is including forebarence numbers as well, which tons of people are taking advantage of to stockpile cash.

0 Votes

Atlanta, Georgia

probably need to venture away from big banks. Guarenteed Rate offered me cash out refi, but that was in SEP 2020.

Things may have changed by now.

0 Votes

Charlotte, North Carolina

Just commenting to follow this post.

Personally, I will not make any real changes to my personal strategy. Continue to purchase and invest using the right fundamentals including a margin for downturns such as these. Personally for my properties i havent had 1 person request to delay, reduce, or stop payments. So maybe thats just a blessing for me.

1 Vote

Charlotte, North Carolina

All Forum Posts by: Joel O.

Joel O. has started 11 posts and replied 64 times.

Post: Any East Point zoning experts? (Atlanta, Georgia)

Post: Atlanta (clayton county) eviction attorney recommendations

Post: Estimated Cost of Adding SQFT

Post: Estimated Cost of Adding SQFT

Post: Closing Cost Cash offers

Post: Estimated Cost of Adding SQFT

Post: Ghosted by Next-Financing

Post: ATL FHA Delinquencies

Post: Cash out Refi, any banks doing them???

Post: 2021 CLT Market Predictions