Rentals in 94114>Question Details

Teamg, Other/Just Looking in 94114

Thinking of Adding 2nd bath and Office to rental.

Asked by Teamg, 94114 Tue Sep 7, 2010

I currently own a 2 BR 1 BA house in Ashbury Heights (2nd and 3rd fl completely renovated). Has a small garage and extra storage. Yard is not usable at the moment. Can anyone give me a quick and dirty estimate on the rental value as is and then the increase if I (1) add a 2nd bathroom (2) create an office next to garage and (3) make the yard useable?

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Michael Novia’s answer
Hi Teamg,

You can probably do your own quick & dirty assessment by looking in Craigslist and checking the rental values in your neighborhood. Maybe visit one or two of them.

I do think adding a second bath would increase its rental value - much better for roommates. The extra office and usable back yard are certainly pluses and it would increase the homes over all appeal.

Good luck!
0 votes Thank Flag Link Sun Sep 12, 2010
Well, that is an interesting question warranting a very involved and complicated answer. What I would like to do is do a Comparative Market Analysis(CMA) on the 2 br 1 bath you already have as compared to other "like"properties in your environ. Then form that pull properties that would have the extra bath and then the extra bath and outdoor space. Adding both of those would be a big upside as long as the extra bath doesn't sacrifice too much of your sq.footage. I sold a condo on Frederick and Downey last fall. Most of the comments I got from people coming through the open houses was the disappointment to them was the lack of a 2nd bath and lack of outdoor space. But that was a condo and you are talking about a single family house which always trumps a condo.
Please call me so we can arrange a time for me to meet with you and take a look at what you already have and give my opinion of how best to maximize your ROI.
Thank You
0 votes Thank Flag Link Tue Sep 7, 2010
You might check with the loal HUD office and get an sample of their reantl lists: There could be smular homes in your area that are rented. Several landlords use a rea estate company to manage therentals which could be another information scource for you. I would venture to say, adding a 3rd bedroom and second bath will make the home more marketable for resale and as a rental.
Web Reference: http://sellokla.com
0 votes Thank Flag Link Tue Sep 7, 2010
Teamg,

It's pretty hard to give an estimate like that without seeing the property. I would contact an agency that handles rentals (we don't) and have them come take a look.

With a tenant in there make sure you do it with permits.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Tue Sep 7, 2010
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