Converting a Single Family Home to a Duplex.
At some point a real estate investor will consider converting a single family residence into a duplex property. When crunching the numbers on a certain property it may not make sense as a single but as a double, the property investment has promise. There are several factors to consider when assessing if a certain property should be converted.
Here are our top 3:
First is the zoning board in the particular area you are considering the duplex conversion. Look at the zoning map and see if there are any other duplexes. Also find out if there were any recent duplex or multifamily conversions within a one mile radius of the potential home investment.
Second is to consider the layout of the property. What kind of symmetry does the house have between the two sides? For example does each side of the house have a bathroom and is there any non-bedrooms that can be converted to a bedroom?
Third is the viability of a duplex or other multifamily property inside that general vicinity. Let’s say you do get a rezoning; would a person in that particular area be interested in a duplex rental? Make sure the demand for this type of property fits the demographics.