This is a high-stakes, high-reward play. You're looking at transforming a 130-year-old Victorian into a multi-unit cash cow. With the rare C3 zoning and 7 existing bathrooms, you’re already halfway to a boutique student housing complex or a high-density rental.
Because it was built in 1894, a "100% renovation" on 3,570 sqft means budgeting for a full gut—new wiring, plumbing, and likely structural reinforcement to meet modern codes. Don't skimp here; surprises behind old walls can eat your margins quickly.
| Project Component | Estimated Cost | Potential Monthly Rent |
| :--- | :--- | :--- |
| Main House (7 Bed/7 Bath) | $450,000 - $550,000 | $6,500 - $8,000 |
| Garage-to-ADU | $100,000 - $130,000 | $1,800 - $2,200 |
| Rear Room-to-ADU | $75,000 - $95,000 | $1,500 - $1,800 |
| Total Estimated | $625,000 - $775,000 | $9,800 - $12,000 |
From a tax perspective, this massive CapEx is your best friend. I'd recommend a Cost Segregation Study immediately after completion. This allows you to accelerate depreciation on the renovation costs, potentially wiping out your tax liability on that rental income for years.
Keep in mind, Riverside's 1.17% tax rate applies to your purchase price, but the new ADUs will trigger a "blended" reassessment. You'll only be taxed on the added value of the new construction, keeping your base relatively protected. This is a brilliant way to build equity while maximizing cash flow.