Duplex Condo Conversion Steps
I am in the hot South Florida market and own several duxplexes, all of which are conceivably condo conversion candidates according to an appraiser who inspected one . What are the basic steps?
1. Go to code enforcement and evaluate cost of bringing up to standard? (older duplex will need new wiring at least $$$, separate water meters).
2. Get cost of subdividing units -- set up of rules, board, etc.
3. Ballpark sales price of individual units and likelihood of buyers in the mixed neighborhoods.
I am sure I have missed tons. Where else can I get info to see if this is worth it? Is it worth it for small properties??[ Edited by Cornell81 on Date 05/03/2005 ]
step 1m will general plan/ land use and zoning let me do it?
I just looked at this opportunity and found this is prohibited until there are more rental units available.
Tons of condo conversions going on in South Florida. I will start slowly and go to town hall to discover the land use parameters. Thanks
You need to investigate plumbing and heating, if they are in good shape considering the new roof you may not have any major exepnse right away. if you put down 20% you may need only half the apartments rented to breakeven. if you can get even 10apt. filled up
you may have 1000 to 1200dollars or 12 to 14 k return on your downpayment of 50k, plus apprecaition, which may not be too bad after all. Good luck
How much is the NOI? Whats the price?
Great advice everyone! Since I have dealt more with rehabs and single family rentals, this area is new to me and I appreciate the expertise you offer!
Thanks again and I wish you all the best!
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