I may seem a bit scattered, but that's just the way I get when I brainstorm. I like to really machine gun the ideas around; isn't that what forums are for? I just feel like there are a lot of opportunities to rethink how commercial space is used nowadays. I am starting to think that a good use would be to convert it into residential space of some kind. Having some experience hosting on Airbnb, I am starting to realize the enormous demand potential...even here in NW Indiana. Believe it or not, there is actually a lot of tourist traffic in this area. It's not just tourists though, I get numerous requests from medical professionals looking to stay for 1-3 months, construction workers, etc...and many are even willing to share a space. It's got me thinking...
Purchase price- 115,000, est mortage- $900/ mo
2 story building downtown, 3,125 sq ft
3br upstairs loft- primary residence
Main floor- Rental space, by room, or whole unit- has a large common/lobby area, 4 separate rooms, and two large public restrooms (newly renovated)- est. monthly income- $2,500 (have done $1,400/ mo with a 950 sq ft single family house)
Central location would make it easy to go car free, in fact, I would actually contact the other residents in the area and bounce the ole "community share car" idea off of them. Seems really dumb for everyone to have their own car that sits idle 96% of the day, especially when there is limited parking.
Population density increases will make people less reliant on car based transportation and increase foot/bike traffic thus helping to revitalize the city center.
This sure seems like a fun way to live to me...not sure it's for everyone though.