Posted by phil fernandez on December 31, 1998 at 12:44:10:
Happy New Year Warren,
The fact that the duplex is only 10 minutes from a major city is a big plus. Commuting distance is an important factor for buyers.
Although I have never lease/optioned a duplex, I don’t see why you couldn’t successfully do it. True alot of people prefer a single family house, but you would be surprised at the amount of people that would be attracted to a duplex with the idea of the other rental offsetting mortgage and tax costs.
As far as your condex idea, I’m assuming that you would be talking about selling each side of the duplex seperately. See if this has been successfully done in your area and see what kind of market there is in your area for this type of conversion.
Posted by Warren on December 31, 1998 at 11:50:48:
Anyone out there every L/O’d a duplex with the thought of turning it into a condex? My thought would be that I would probably have a problem trying to L/O a condex, thinking if most people got into a L/O, they would rather it be a SFR.
The place I’m looking at is in a rural area, but only 10 minutes from one of the major cities in NH.
Posted by Rob FL on December 31, 1998 at 16:39:15:
It would really depend on whether or not you could legally and easily subdivide the property. I own 2 duplexes, one is L shaped (front and back) and could not be subdivided well at all. The other is what is known as a half-house or half-duplex. The subdivision was set up with lots being “duplex lots”. The dividing lot line for my duplex is right down the center between the two units, so there is a good possibility I could do it. Some of the other duplexes in the subdivision are already this way. Usually these would sell somewhat cheaper than a SFH of the same square footage.