Hidden Gems: How to Find Live/Work Properties Under $200K That Actually Cash Flow
Download MP3Episode Overview
- Exploring 10 unique live/work properties under $200K with at least 3,000 square feet
- All properties include existing living space with bedroom and bathroom for move-in readiness
- Properties range from 3,000 to 40,000 square feet with one under $100K
- Perfect for entrepreneurs wanting substantial workspace beyond typical home office setups
Why Live/Work Properties Matter
- Work-from-home trend creating demand for more substantial business spaces
- Ideal for video studios, light manufacturing, baking, artwork, and other businesses
- Success story: California furniture maker bought Pennsylvania car dealership for $100-150K
- Converted upstairs office to residence
- Used showroom for finished furniture display
- Workshop in former service department
- Increased sales from $5-6K monthly to couple million annually
Featured Properties
Property 1: Brick Building - 6,400 sq ft
- 4 bedrooms, 2 bathrooms
- Unique woodwork and multiple floors
- Ideal for video studio or inventory storage
- Former school, hospital, or church building
Property 2: Baker City, Oregon - $189K
- 3,600 sq ft building space on 5,000 sq ft lot
- 2 bedrooms, 2 bathrooms
- Retail storefront with back porch living space
- Mixed-use: residential upstairs, commercial main level
Property 3: Fort Scott, Kansas - $169K
- 6,400 sq ft retail space
- 2 bedrooms, 1.5 bathrooms
- Kitchen, residential area, and workshop space
- Perfect for light manufacturing and assembly
Property 4: Roundup, Montana - $175K
- 5,400 sq ft building
- Large residential kitchen and manufacturing space
- Central Montana location
Property 5: Cisco, Georgia - $125K
- 9,860 sq ft former schoolhouse
- 5 bedrooms, 1.5 bathrooms
- Needs renovation but offers huge potential
- Southeastern Georgia location
Property 6: Hornell, New York - $149K
- Former church or school with unique open space
- Residential space included with large bathroom
- Perfect for video studio or inventory storage
- Central New York location
Property 7: Boulevard, Pennsylvania - $50K
- 5,000 sq ft building on 30,000 sq ft lot (3/4 acre)
- 2 bedrooms, 2 bathrooms
- Former church or meeting hall
- Updated electrical, newer oil furnace, 200 amp service
Property 8: Glens Falls, New York
- 4,400 sq ft former church
- Studio, 1 bathroom
- High ceilings perfect for tall structures
- Unique architectural features
Property 9: Iowa - $199K (Featured Property)
- Massive 40,000 sq ft former school
- Kitchen, bedroom, big garage, and cargo area
- Ultimate space for large-scale operations
Key Benefits of Live/Work Properties
- Eliminate commercial rent expenses by owning your workspace
- Reduce personal housing costs by living on-property
- Scale business operations without massive mortgage payments
- Leapfrog competition with lower overhead costs
- Potential for significant business growth in expanded space
Investment Strategy Tips
- Look for former schools, hospitals, churches, and airplane hangars
- Verify zoning regulations for intended business use
- Consider properties needing light renovation for better deals
- Factor in utility updates and maintenance costs
- Evaluate location for business needs and lifestyle preferences
Takeaway
These properties represent opportunities for creative, ambitious entrepreneurs to combine living and working spaces affordably, enabling business growth without the burden of high commercial rent or massive mortgages.
