Miller Manor

Miller Manor is a large Victorian era home in the center of the town. Known also as the Herman Hoeft House, named after the family that built the original house, a structure has been on this site since before mid-nineteenth century. The structure was converted to a single room occupancy rooming house in the mid-twentieth century. Currently it has low-income residential tenants and is in need of major repairs.

If rehabbed as an investment property, it could either be residential or office, depending on zoning and building regulations.

Market value of this property as is: $210,000
Size of each floor: 2,025 sq.ft.
Current income of the ground floor ($10/sq.ft./year)
Current income of the upper floors ($9/sq.ft./year)

Project potential:

If the building had a full rehab:
Cost to rehab ground floor as residential ($80/sq.ft.)
Cost to rehab ground floor as office ($100/sq.ft.)
Cost to rehab upper floor as residential ($80/sq.ft.)
Cost to rehab upper floor as office ($100/sq.ft.)
Potential income of the ground floor as residential (2 apts, each $1,500/mo.)
Potential income of the ground floor as office ($20/sq.ft./year)
Potential income of the upper floor as residential (2 apts, each $1,400/mo.)
Potential income of the upper floor as office ($17/sq.ft./year)

A financial analysis may be completed for this building using a pro-forma app.
Simply fill in boxes to determine its "Return on Investment" potential.