Two homes on one lot?
Long time lurker, first time poster. Thanks in advance for any input!
My wife and I are this close to putting in an offer on a property in California. The property is interesting in that it has two single family homes on one 10,000 sq ft lot. Both homes need a little TLC, but nothing I'm too worried about at this point. The property is zoned R3-2, which allows up to two residences but no more, and cannot be subdivided and sold separately.
Given there aren't many comps of this nature, I was hoping to get the forum's input. Does the pro of rental income from unit B outweigh the con of having a tenant? Would our potential buyer pool be so limited we'd have no chance of reselling after doing some improvements? Should we run the opposite direction as fast as we possibly can?
Please don't hold back, we need to act quickly. Looking for any suggestions or similar experiences. Thanks again for any help!