Skycriesmary, Other/Just Looking in Portland, OR

Should I remodel my garage to rent out, is the ROI strong enough?

Asked by Skycriesmary, Portland, OR Fri Sep 18, 2009

I'm considering remodeling my garage to rent out as a furnished studio. I currently rent out the top room above the garage for $425, and the tenant uses the main house for the kitchen and bathroom. I'm considering investing 20-25k to fully remodel the garage so that it's a self contained unit. I'm assuimg I can then rent this out for about $700 per month. Adjusted for the additional cost, and rent income, it would take about 10 years to repay the remodel. Another big part of it is that we want more privacy in the main house.

Comments, suggestions? Anyone do anything like that and have some pointers?

Help the community by answering this question:


My 2 cents is that you should spend that 25K and get another place if you have money to invest . There are great prices right could find a plex or you may want to just find a single family home and then You can continue to rent out your current place entirely (are you close to a university to get some roommates in there? -as one idea) and the rent for that will likely make it feasible for you to find some place where you would have no renters under foot but still have the benefits of the investment as well as your own privacy.

If you need assistance regarding your real estate pursuit I'm happy to discuss the possibilities with you.

June Lizote, Real Estate Broker
Providing REAL Service
Prudential NW Properties
6400 SE Lake Rd., Suite 200
Portland, OR 97222
Web Reference:
0 votes Thank Flag Link Fri Sep 18, 2009
The first question is are you a legal duplex? The right location and legal the answer might be yes but under most cases you fix up something that is not legal and it is not worth it. Most corner lots have duplex potetial in city of Portland. There are rules to granny units based on the square footage of exiting house. You don't say who is doing the work? You cannot legally wire a rental unit if your are going to rent it out or if you plan on selling your home in the next 2 years. The city of Portand is really checking on who takes out permits to see if the house goes up for sale. When I remodeled my house the plans examiner ask me since I was stating that I was going to do the work was I planning on selling in the next 2 years. I got an electrical contractor to do the work. There are great deals on houses that have 2 untis in them already that might work for you. Give me a call and lets talkabout areas?

Tom Inglesby, Boker
ABR,CRS EA.S.T.A.R. eco-broker
0 votes Thank Flag Link Fri Sep 18, 2009
S: I agree with Katie that selling your present home and delving into the multi-family market might be a better fit for you! That would provide more privacy in your residential unit but allow for rental income to offset the cost of the property. I've been blogging about a recent duplex purchase and renovation (beginning the first of August) at . My duplex will definitely cash flow and there are some deals out there! I also have a free investment analysis CD that I can offer you. Just e-mail me at and I would be happy to send you a copy.
Also, I never recommend converting garages if possible. A garage is such a plus in most neighborhoods and a requirement in others to garner top value for your existing property.
All the best,
Janeese Jackson, Principal Broker
Real Estate Resource
0 votes Thank Flag Link Fri Sep 18, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer