Full rehab in the part of Homestead investors & homebuyers wish for: walk to the 8th Avenue strip in 5 minutes or the Waterfront in 10.
≈$100k flip profit [or CAP of 12%] after all-in.
Comparables between 8th & 16th Avenues: click
Photo of recent comps also in reel.
4BR comparable rentals average $1,400/month; room for that to grow if you transform some of the 2,260 sq. ft. into an additional bedroom or 2.
- maybe $80k in repairs
- vacant @least 10 years
- started reno in a few rooms but it’s still pretty bad; eg, some new ceiling drywall got re-ruined :/
Perks:
- comps
- potential 6-figure return
- on an exceptionally nice street w/beautiful properties to each side
- sits up high off the street so basement should be dry
- 2nd one in from the corner
- location
- has quite the decent yard after a good deal of landscaping / clearing out the overgrowth!
- Taxes: $1,238
- Electric: Needs updating
- Plumbing: Needs updating
- Kitchen: Needs remodeling
- Bath: Needs remodeling
- Roof: Main: OK; front porch: needs replacing
- Furnace: Likely needs one
- Hot Water Tank: Needs one
- Windows: Need replacing (≈12)
- Floors: 2
- Parking: On-street (PLENTY)
- Rental Potential: $1,400+/mo