Anyway I have about $135k available on my heloc. sale price on the duplex is $279,000, so 20% is about $56k. the house is perfectly livable as-is, but at $60/sqft and properties on the block selling for $140/sqft i think there is room for some forced appreciation. the building is currently a three-floor duplex townhouse, one unit is the ground floor and unit two is the top two floors. all floors are basically the same floor plan. the second floor has a kitchen/laundry stacked above the first floor kitchen/laundry. on the third floor, the room is in the same place and empty, but utilities (water gas electric) are already run and in place for adding a third kitchen/laundry, so conversion to triplex would be simple as installing cabinets and appliances and building an exterior staircase up to the second floor rear deck. the three 2bed/1bath units would rent for $1000-$1200 a month each, conservatively. we would have to find somewhere else to live for that to happen, but that is our 1-3 year goal anyway. would it be better to make the bank loan smaller with a bigger down payment from the HELOC?

We believe their concern was the entry way with lead lined floor with a decorative design.

For another tenant pool, it might be granite kitchen counters.

New kitchen and bath.

While this analysis is certainly important, investors in metro areas cannot ignore the upfront time and money required to get an STR up and running.In analyzing a potential STR investment in a metro area, include these estimates as upfront costs (these are strictly furnishing expenses, not including any rehab work):- Living Room: $2k⠀⠀- Dining Room: $700⠀- Kitchen: $750⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀- Bedroom: $1.5k⠀⠀⠀⠀⠀⠀⠀⠀⠀- Bathroom: $300⠀⠀⠀⠀⠀⠀⠀⠀⠀You can certainly furnish a STR for more or less, but these are numbers I try to stick to in putting together a nicely furnished rental that includes personal touches and local flair.If you have any questions about STR investing, please don't hesitate to reach out!

I was permitted to design & install it all myself so that saved us $$$$thousands.

Pictures attached are before and afters of the Kitchens.

The top floor unit just needs a new kitchen, some flooring and paint.

I had my water supply pipes replaced with copper and added a lot of electric lines to the kitchens and bathrooms where most big appliances are being used. 

A full conversion is expensive, not only you need an aditional kitchen, you also need asecond HVAC, water heater, plumbing and electrical system.