For context, this would be for a property I already own.I understand this may be a bit unconventional and people will likely recommend I get a proper quote and have the contractor do a full walkthrough.

This is a great place to learn and to connect with people so take advantage of all the great resources.

Without knowing stuff like this, all the answers provided are meaningless. 

It’s not necessarily more difficult than market-rate rentals, just different.If you’re seriously considering this route, feel free to reach out.

This is why I wanted to ask about it.

Purchase price: $125,000 Cash invested: $65,000 Sale price: $250,000 Wish I could have held onto it but needed the money to fund future deals What made you interested in investing in this type of deal?

Its possible in your area that garages and parking are more valuable than units - this is your appreciation. 

Correction: This episode talks about Price Labs https://open.spotify.com/episode/1bS4eL80KL1rWY4vyCMjXh?

If the land is in a suitable location, this could open up opportunities for developing 2 homes or even selling off one of the lots, which could lead to a good profit.

Hi Gigi, glad to have you as a part of this awesome community!