One of the main reasons we purchased the Fidalgo Fixer is the 450 square foot studio at the back of the property. As real estate investors, the studio allows us additional rental income. I love the idea of someone else paying off our mortgage while we live for almost free. And while the house is under construction, the studio gives us a place to live. This is a huge financial benefit that while we pay for a mortgage on the rehab house, we don't have to pay additional rent for a place to live. This studio set up is so ideal for being near the house construction, and for future rental income.
Here are some pretty pictures from the MLS listing. The space is roomy and large at 450 square feet, and you walk into an open room with the kitchen and bathroom in the back.
When I called the city to inquire about the permit status of the main house, they informed me that they knew about the studio and they told me that it was unpermitted living space. So we made it a requirement that the sellers get the city to sign off on the space before we closed. That meant that the sellers had to block off the door from the studio to the garage, and fully finish the ceiling. When we moved in, the kitchen and entire ceiling was only taped and mudded, not painted. So it does not look exactly like the pictures anymore.
The kitchen is big with a large 4' x 6' window. There is not a ton of storage, but we can make it work. The kitchen is actually spacious, especially for a studio, and I love the large countertops. What the studio lacks is storage; there are no closets.
The bathroom has some nice travertine tile and is painted a creamy yellow. So much beige, yellow, and tan! It would be easy to do a refresh with a new coat of paint. Luckily, none of the studio is ugly and won't need any immediate attention, though I would like to paint the ceiling soon.
We love that this property includes a main home and an additional studio. House hacking is an easy way to reduce your living expenses, and in the future, this property will have two income producing homes. A second dwelling was a requirement for us, and you can see how it will help our financials.
Have you ever thought of buying and living in a duplex or property with two homes?