I am not finding the listing on Llano you mentioned unless one of the listings in the 5900 block was a side by side that was converted some years ago. The corner of Velasco/Skillman is a nice conversion property with a less then perfect location. There is nice conversion in the 6300 block of Llano as well. Depending on the unknowable money suck into the property, they both had some room for nice profit based on final sales price compared with acquisition cost. But, you are right about the choppy floor plan with some of the conversions. The key is to find the right floor of the existing building. Bedrooms in the back as opposed to along the center hall way seem to work better for a number of reasons.
I haven't seen the inside of this one. They started with a 1930-era duplex that had 2 beds/1 bath up and 2 beds/1 bath down. These old 1930-era duplexes have small bathrooms and small kitchens. The small size makes it difficult to renovate in a manner that makes the final product credible as a $500,000-$600,000 home. That's one reason a duplex conversion project is so challenging.
The best conversion I remember is a similar 1930-era duplex in the 6300 block of Richmond. Sadly, that property now has two-story condo complex next door.
If I was Todd, I would want to preview the Belmont property, the Llano property, and any other converted duplexes on the market right now.
RE/MAX About Dallas
There is a home on Llano right now which was converted from duplex into single family. It has been on the market for a long, long time. The price has been lowered again and again. I showed it to a buyer ten days ago. He said "This is a darn nice kitchen, and they've done a good renovation, but why would I settle for such a crazy floor plan." I don't think it is appropriate to list the address of that house in this comment, but contact me if you want to take a look at it. It is a good example of what I am talking about.
Instead of spending all this money trying to convert a duplex, find a well-located single family home with a big kitchen. Then add an upstairs expansion. The expansion must have 8-ft. tall flat ceilings and plenty of windows. Turn an 1800 sq. ft. house with one bath into a 3000 sq. ft. house with a glamorous kitchen and at least 2-1/2 baths. That's the way to make a profit.
RE/MAX About Dallas
Good luck with it! Doris
Commonly, for rental property - the best advice is any amount you spend - you should be able to recoup your remodeling investments in 2 years by the additional income.
That becomes a matrix of numbers: example 200000 property with 40000 in repairs with no money down: depending on your loan - lets say @6.5% interest payment insurance taxes and insurance $1600 a month 40000/24 = approx $170 to pay for itself you would need to charge minimum 800 + 85 plus X to produce an income generating property.
If you are not being represented yet by a real estate agent, I would love to help you out. I am not afraid to say that if a duplex has been on the market in the last 10 yrs in East Dallas I have been in the property. I have lived in and invested in east Dallas for those 10 years and have a good grasp of the properties.
Your are correct on the fact that zoning is not an issue with most of the duplex properties in East Dallas as they are zoned for single family or small multi. There are a few exceptions to this mainly between Matilda, Richmond, Skillman and Ross. But, that would not be as desirable of an area for a SFR anyway.
Math 3000 @$40 = $120,000/$60000
3000@ $50 = 150,000/75000
Down and dirty you can average 20% to 40 percent of average properties selling properties comparable to your property: ie $200,000 superficial touch up 40000 major redo 80000 get the point?
I am just trying to think through the strategy of resell down the line as a single residential property instead of a duplex. My understanding of zoning in the 75214/75206 area is that 2 to 1 conversions are fairly easy, 1 to 2 conversions near impossible...
Till you receive their approval I would not even exhaust the time on contractors.
Gut - I do my own general contracting HOWEVER each property stands alone based on many particulars involved. and area of town.
If you need consultant regarding project contact my office.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I am not sure, but have been wondering the same thing as I own duplexes in East Dallas (75214/75206) my self. Have you already purchases the property or just trying to make an educated decision?