Lori Chamber…, Home Buyer in Chicago, IL

Is it worth converting my duplex into a single-family home?

Asked by Lori Chamberlain, Chicago, IL Wed Jan 9, 2013

I own a duplex in the Broadripple area of Indianapolis on Central Avenue. I was noticing single-family dwelling seem to sell for more than the investment properties in this area. If I did the conversion, it would be a 3,000 square foot, 5 bedroom, 2 bath (though I would probably add another full bath in place of one of the kitchens). There is an unfinished basement which is approximately 1500 square feet. Would love some input from someone who is familiar with the Broadripple area.

Help the community by answering this question:

Answers

3
it really depends on what your short or long terms goals are. If you're looking for a higher ROI it might be a good idea to convert. I would also check with an appraiser to confirm your findings from agents.
0 votes Thank Flag Link Thu Jan 10, 2013
Lori,

I'm not sure your assumption that single family homes sell for more than duplexes is correct. The rental market currently is quite strong so I'd be cautious. If you were to do the conversion, it would have to be of high quality to sell well - in which case the investment may not make sense.

Peter Knight
RE/MAX
0 votes Thank Flag Link Thu Jan 10, 2013
Lori

You are correct that some single family properties in the Central Av area have sold for $300K+. With the square footage and number of bedrooms and baths that you have it is worth exploring the possibility of converting to a single family home. To command that price you would need to thoroughly update the home - updated kitchen, updated baths, refinished hardwoods and the such will keeping some of the old home charm. Your floor plan would also need to make sense for today's lifestyle and not look like a converted duplex. You may also need to add a garage. Of course it all comes down to money. If you need more details regarding market activity in the area or a plan/cost estimate for the conversion please contact me. Thanks

Scott Orich
RE/MAX Ability Plus
317-513-6488
scott@scottorich.com
0 votes Thank Flag Link Thu Jan 10, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer