Remodel & Renovate in Dallas>Question Details

Todd, Home Buyer in 10021

What is a reasonable estimate for a complete gut renovation of a 3000sqft home in 75214? (walls, plumbing, electric, kitchen and baths) It would be

Asked by Todd, 10021 Fri May 7, 2010

a duplex conversion to single family. Just looking for a ballpark $ or $/sqft

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Ken,


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.
0 votes Thank Flag Link Sat May 8, 2010
You are correct, Jay. There appears to be another converted duplex offered right now on the 6300 block of Belmont.

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.

---------------------------
Ken Lampton
RE/MAX About Dallas
http://www.m-street-dallas.com/
0 votes Thank Flag Link Sat May 8, 2010
Ken,

Do you mean the 6300 block Belmont instead of llano?
0 votes Thank Flag Link Fri May 7, 2010
I'm assuming you think you can sell the finished property as a heavily-renovated single family home and make a profit. History suggests this is a bad idea. in 25 years selling the M-Street/Lakewood neighborhoods I've come across many projects of this nature. They have almost always failed because the floor plan of the finished home is not what people want. The duplex heritage shows through in a chopped-up illogical floorplan which drives the buyers away.

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.

----------------------------------------------
Ken Lampton
RE/MAX About Dallas
http://www.m-street-dallas.com
0 votes Thank Flag Link Fri May 7, 2010
Homes are selling for anywhere from 33./sq ft to 171. so there is no simplanswer-It depends on what you choose to do and what level you will do it on!? See why this is hard? I would love to help suggest if I knew the subdivision we could get more specific?

Good luck with it! Doris
0 votes Thank Flag Link Fri May 7, 2010
Todd.... after I posted my answer - I read your added info. If you are going to use the duplexes as a rental - that can be a game changer as well. I can help you with more information if you like. I work with investors and builders. I have an understanding of costs associated with building and remodeling and income generating properties.

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.
0 votes Thank Flag Link Fri May 7, 2010
Todd,


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.

jay@moneysafe.com

http://www.moneysafe.com
0 votes Thank Flag Link Fri May 7, 2010
Todd,


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.


Jay@moneysafe.com

http://www.moneysafe.com
0 votes Thank Flag Link Fri May 7, 2010
Honestly, if you own the dirt and depending on your finish out - I think that you could do it for about $20-40 a square foot lower end. Higher end I would say $50-75. Beyond that it comes down to personal taste and additional spending.

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?
0 votes Thank Flag Link Fri May 7, 2010
Some more background info - I am looking at purchasing some duplexes, but currently do not own, so it is hard to bring in a contractor.

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...
0 votes Thank Flag Link Fri May 7, 2010
Duplex conversion would require city approval and permits.

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
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri May 7, 2010
Todd,


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?


Jay@moneysafe.com

http://www.moneysafe.com
0 votes Thank Flag Link Fri May 7, 2010
In order to get a clear picture, and estimates are always free--why not contact a few local licensed contractors for estimates, based on exactly what you had in mind as to the renovations.
0 votes Thank Flag Link Fri May 7, 2010
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