I am an interior designer who has had the opportunity to work with a sub contractor on 4 consecutive remodels for various clients.

I'm budgeting $40K to convert the interior space into two 2BR/1BA units.2.

Chipping paint both interior and exterior is a big focus, handrails on steps 4 or more or larger drops (porch for example).

I was the project manager, Part investor, part contractor, part floor plan/ interior designer and did all of the staging!

Roof, windows, exterior paint and interior paint, bathroom upgrades, kitchen remodel and wall removal.

Blew out some interior and exterior walls and created an entirely different living experience.

Blew out some interior and exterior walls and created an entirely different living experience.

Here is a brief list of what a new unit needs: fire sprinklers, own heating/cooling, own electric meter/panel, own water heater, entry access, fire proofing between units in the ceiling and/or walls, sound proofing (50 STC min.) bedroom egress, daylight, no interior access to the upper unit, 7’ ceiling heights, and a few other items.

It's also surprising how some tenants can really deteriorate the condition of the interiors. 

The property is currently a C+ to B-, and the interior/exterior/common area is in need of cosmetic repairs.