- Value add - How much does it cost to convert Non-climate controlled units to climate controlled units?

You weren’t trying to convert an owner occupant to rental. 

Years ago, a friend of mine took on a similar challenge in an older neighborhood near Chicago..he opened up the top floor to create a master suite that felt less like a converted attic and more like a boutique hotel room.

I wanted to share the numbers and want to make sense if it's a good deal for us according to what we are looking for.Price: $450k (agent said that we can get it down to $420k)2 Units (1 bedroom in each unit)Mortgage with 3 year fixed comes up to around $2.3kInsurance and tax is roughly $400Rent per unit is $1.4k so if we move out then total rent comes up to $2.8kThere's a detached ADU (garage) that can give us another $100-$150 if we rent it for storage and there's a scope of converting it into another unit later on.So currently rough calculation says that it can cashflow up to $300 per month.

If you can find a place where the HOA or COA is flexible and you are able to convince the membership to go into development and perhaps convert the property into a co-op you could build a new apartment complex with commercial rental spaces on the ground floor and residential spaces on the top. 

I have an appointment with a lawyer, but id love to talk to anyone that has had experience of converting in the past in Hoboken.

If this is your approach, you will end up eventually get a bad taste of the lending industry as a whole.

The way you present things I can see this occurring eventually.  

After that I made the full commitment and eventually became an experienced investor.

BEST DECISION I EVER DID WAS MAKE MY WIFE MY BUSINESS PARTNER THIS YEAR FELT LIKE NEW BEGINNINGS LEAVING A OLD PARTNERSHIP AND STARTING A NEW ONE LITTLE  DID WE KNOW THIS FLIP WOULD BE THE WORSE THING WE DID THIS YEAR TALK ABOUT A HOUSE THAT WOULDN'T STOP SPITTING OUT PROBLEMS FROM SQUATTERS BREAKING IN , FROM THE CITY CONSTANTLY GIVING VIOLATIONS, WE EVENTUALLY TOOK A LOSS OVER 50K OUCH!!