We keep in touch and she has been helpful in connecting me with a contractor and subs.Michelle Saroni (520) 403-3379 Hi Melissa, I'm in the process of covering detached garage to an ADU, curious, how's it coming along?

@Chirag Mehta For construction costs, you should be around +/- $100 PSF which would include all sitework, utilities, and going vertical with modern finishes.  

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

I did put in about 15k of work into the place to get it from the 1980's look to something more modern as the rentals I am competing against are newer builds, but at higher price points. 

Purchase price: $195,000 Cash invested: $54,156 Buy and hold single family home with a 4 Car Garage.

Find a home with an ADU, garage apartment, or a spare room that can be Airbnb' ed. 

To provide a practical example, I acquired a 60,000 SF assemblage that contained an autobody garage, nearly an acre of surface parking and a 4 unit building in Philadelphia.

I've had dozens of them in my garage.

(I posted a pay or quit notice on the door of a rental house with a new jet ski parked along side the garage once.

It’s a manufactured home and there’s also a two car garage.