On the business strip of the North Side in Downtown, there are 4 abandoned buildings. The goal will be to acquire all four of those adjacent buildings, gut them, convert them, and renovate. The first floor will have the apartment entry, followed by an office, then a pizza shop, and finally the entry for the penthouse. The second floor will host 8 efficiency apartments. The third floor will host a 3000 square foot penthouse with outdoor space.
The rent will be 30% of income or $500 (whichever is lower). The rent will include electricity, heat, Internet, trash, and water/sewage. All of the units will have a similar design. As you walk in on the right will be the entry for the 3/4 bathroom (sink, shower, and toilet). On the right will be the circuit breaker and buzzer for the apartment’s entry. Walking further down the hall will enter the kitchenette on the left. This will have a single tub sink, 4 burner cooktop, a refrigerator, and a all in one ventless washer/dryer combination unit. This unit will be able to do a load in 2 hours (wash and dry), and will be located where the oven would otherwise be. Going further will be the main room with a lofted bed. This bed will be accessed via a ladder. Under the loft can sit a couch with viewing access to up to a 32″ TV. Where the TV will be located will also be an RG6 coaxial jack for cable TV (optional), and an RJ45 jack for plugging in a router for internet access. There will be no RJ11 jack, so any phone service will have to be VOIP or cellular.
The third floor will host a 3000sf penthouse apartment. This apartment will be my private residence, and will have its own 2 car garage on the first floor, and its own address. There will also be outdoor space for the penthouse. The roof of the penthouse will have solar panels to reduce the electricity bill. There will also be a dedicated FIOS line for internet service.
These apartments will be considered a charity. With me only charging 30% of income, I will be taking a loss with each unit. The rent I will expect to receive will be enough to cover taxes or insurance. Everything else will have to come out of my income.