Which is better/easier and more economical - a 2 family or 3 family?

I thought I wanted to convert my 4 story brownstone to a 3 family home but not I am having second thoughts. Maybe a 2 family is the way to go. Perhaps it would be an easier renovation in terms of layout, city code etc? Perhaps it would be a more economical renovation? I have sprinklers in the building already. Does anyone know the advantages/disadvantages or one over the other? Thanks everyone!

ferney1c

in Brownstoner Renovation 12 years and 1 month ago

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ferney1c | 12 years and 1 month ago

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I’d like to hear more about why you have your opinion. Tell me more about your background in real estate? Do you renovate buildings? Are you a loan officer or a real estate broker? I’m inexperienced and trying to find my way. I’m learning as I go. My questions may seem very simplistic but I would rather educate myself and do something the proper way. Thanks for your reply.

Augustiner | 12 years and 1 month ago

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2 family is cheaper to renovate because the fire code is less tough.

dorkofwindsor | 12 years and 1 month ago

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In addition to reno costs and fire code compliance / boiler regs, HPD inspections etc, also factor in that when you plan to sell, in high end neighborhoods generally 1 fam > 2 fam > 3 fam value when you sell. The single family premium. Also single fam rentals aren’t necessarily a bad deal for a decent reno in a prime hood. But if you want cash flow as a priority into perpetuity (next 20+ years) and property is on the fringe (not in a prime hood), i’d do the math and maximize rent rather than reno costs. That’s my personal opinion.