All Forum Posts by: Sergio Santos

@Mary M. & @Account Closed - both good advice, and more in-line with what I'm thinking considering the heavy zoning limitations. Thanks for the feedback!

@Tanya S. - Again, super helpful! It does look like Arlington relaxed its ADU requirements substantially...could be a useful option.

Bummer that the ADU would need to be owner-occupied though. I'm getting the very clear message that there's very little we can do, if anything, to get rental cashflow from an R-6 in Arlington. Not unless we rent the whole house, would you agree?

On that note - any insights on renting out the rooms to separate tenants in an R-6? Is that allowed? 

Thanks again so much!

@Russell Brazil - Well that's certainly helpful to know. Thank you.

@Eric Teran - Indeed, you're right! I was able to identify in the zoning map Tanya provided that our house is in an R-6 single family zone. That being the case, the scenario I described above no longer makes sense and I'm turning my focus towards maximizing the current property as a rental unit, either as-is or via a renovation/re-build where we can incorporate supplemental units like in-law suites or extensions. 

If you don't mind me asking - any thoughts on whom I may be able to speak with to explore those options?

Thanks so much for your time and help!

@Tanya S. - Super helpful, thanks for the map link. Turns out I'm in a single family zone...which certainly complicates going multi-family across both lots. Will have to speak with a lawyer or local zoning specialist to see what my options are. Thanks again!

Hi there, thanks for reading!

So here's the deal:

DETAILS

• Mom & Dad own house, they're now retired and living mostly overseas. 
• House in Arlington, VA...not far from Crystal City (amAzOn)
• 2nd smallest house on the block, 3br, 2ba Worth ~$700k (most houses on block ~$900k)
• 1st smallest house on block next door...worth ~$680k
• So, to own both properties:

• Spend: ~$680k+ 
• Total Value: ~$1.38m

PLAN

1. Attempt to buy neighbors house.
2. Demolish both houses and build a 4 unit townhome (see pic for example).
3. 3 others to rent, 1 for family

QUESTIONS

Build Costs - Anyone have insights into building costs for a 4 unit townhome building in Arlington? And any other significant costs to be aware of?  Understand there's a ton to consider here, just  looking for ballpark estimate for now.

Financing - We have about $50k of cash and great credit between my parents and I. With the cost of neighbor house (~$680k) plus build costs for the 4 unit townhome ($??), plus other expenses.  Just wondering out loud if we can expect to get a bank loan for all costs, or should expect to raise some private. 

Beyond that, any other thoughts, suggestions really appreciated!

Thanks again for reading!