Handicap Accessible Apartment
My business partner and I bought a rental that has three, one bedroom apartments and one handicap accessable (also one bedroom) apartment. We have just received notification that the tenant in the handicap accessable apartment will be leaving us (she is moving to an assisted living arrangement). Our first impulse was to convert the apartment back to a conventional unit. Do any of you think we would be successful in renting it as is? Do any of you rent such apartments? Do you know the relative demand? (We are in NH). Do yo think we could get the same or more rent due to it being Handicap accessible? Thanks for your help! Cataman
You should have no problems renting as-is. But also check your state laws. I know around here a few years ago the state paid part of the conversion costs for some places and the properties cannot revert.
I would leave it handicap accesible and rent it as a 1 bd. Unless, the asthetics are really ugly.
The special features, such as wide door ways and no steps is unique in the USA. Maybe just take down the hand rails, and rent as a 1 bd. Just make it easy to convert back to handicap, it will be a benefit when you sell.
If a handicapped tenant makes modifications to make a property livable for themselves, which you are required to allow, they are responsible for the cost of putting it back to the condition it was in before when they leave.
Chris
Check the walls first. You might find the laundry hookups are still there. Regardless of whether there or not, all things considered it should be less than $1k to put the laundry area back