Quote from @Asim Purses:
Don't take this answer as calloused - but your question is too broad and probably unrealistic. It highly depends on the type of building, what zoning/code allows and a hundred other variables.
There are multiple books on amazon about estimating rehabs - but from your questions, it's probably best to start talking to an architect about what is even possible.
You also need a strategy for *why* you are doing these improvements. There's a balance of work for every type of real estate investment - you can choose the $1 tile or the $10 tile. Asking about putting in an elevator is like asking if you can put a Ferrari engine in a Toyota Tercel. Money can do a lot, it just doesn't mean it's the smartest thing to do.
Thank you for the reply!
I kept it vague on purpose but have a detailed plan.
There are plenty of resources out there including a Bigger Pockets video I watched last night on how they estimated costs and returns for a 6-unit property.
The purpose of the post is to get personal experience/suggestions and to expand my network.
I like how you mentioned having a “why” for the improvements. I’ll have to think about what kind of tenants would be appropriate for the area and how much I would like to spend on the improvements.
Money sure can make a lot of things happen! But you bring a good point. I was too focused on putting myself in the tenants shoes and imagining the convenience for them and not thinking of the costs for me.
xoxo
Mei Bae
