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TOPIC: Re:Tri-Plex
#6056
acrobbins ()
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Tri-Plex 3 Years, 8 Months ago Karma: 0  
My Father is currently giving me his Tri-Plex located in Florida and I'm not sure what to do with it right now. It's been appraised to be worth $95,000, but, there's been some rezoning during the years and it is now located in a single family unit zone and there are currently two new single family houses next to it both worth about $180,000. It's my first piece of property so I'm not sure if I should fix it up a little and rent them all out, or since I'll probably have trouble getting insurance for it should I just try and sell it. Any suggestions?
 
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#6069
adminchat ()
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Re:Tri-Plex 3 Years, 8 Months ago Karma: 2  
You'll have to crunch the numbers and see what the "highest and best use" is.
For the time being, considering the market, you might want to just fix it up and rent it out. From what the news is reporting, its a renters market in Florida.
I know in my town, the city is giving grants to rehabbers/homeowners who take a multi-unit property and turn it back into a single family home. Perhaps there is something similar to where your property is located?
If the property is in an area that has been rezoned, you might have trouble refinancing unless you make it conform to current zoning. (Or maybe not, if it is considered "grandfathered." I have never done something like that, so hopefully someone out there will confirm yes or no on this point.)
Good luck and let us know how it turns out.
 
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