We drove (60 miles) to see a currently operating B&B, the oldest in its county.
Basically a 3500 SF 3 story building (.ca 1900) in the center of a town of 9000. Has one of those nice canopies like a lux hotel in NYC that crosses over the sidewalk. First floor is a nice Arts&Crafts store rental. The second floor is a 3 room B&B. 3rd floor is owner's quarters. B&B: One room en suite, the other two their own bath across the hall.
The problem is, the building nets out as worth more renting the 2nd/3rd floor out as 3BR apartments (they pay utilities) than the current B&B owner's revenue (less utilities, food, owner's time, laundry, cleaning, and all the other things that go into running an inn... Way more...
Basically a 3500 SF 3 story building (.ca 1900) in the center of a town of 9000. Has one of those nice canopies like a lux hotel in NYC that crosses over the sidewalk. First floor is a nice Arts&Crafts store rental. The second floor is a 3 room B&B. 3rd floor is owner's quarters. B&B: One room en suite, the other two their own bath across the hall.
The problem is, the building nets out as worth more renting the 2nd/3rd floor out as 3BR apartments (they pay utilities) than the current B&B owner's revenue (less utilities, food, owner's time, laundry, cleaning, and all the other things that go into running an inn... Way more...