Newbie looking for some help in Orlando, FL

[Matthew Bossick]

Hi everyone -

Little history on my situation:

I have been obsessively learning about real estate investing over the last year and getting my fiance into it as well. I was renting in a nice neighborhood close to downtown Orlando when Hurricane Irma came through. Coincidentally, I was trying to get out of the high rent we were paying and Irma decided to put a large tree in the house destroying the kitchen and dining room (we weren't home). So we placed our belongings in storage the next day and moved into the fiance's mother's home. 

We're currently looking for a home to buy to quit renting. I found a house hack over in Conway (by orlando int'l airport) that we have under contract for 295k. It is a 3/2 with all the bells and whistles and even has a 700 sq ft apartment attached to the garage with its own private entrance. I can expect to be all in (expenses at 2100 with vacancy, opex, capex, pmi, PITI) at $1200 with $900 in rent for the apartment. My fear on this home as that we offered too much with all the surrounding home values being at 200-230k for 3/2's. I do not know how to value an in-law suite and fear I may be overpaying at 65k+ for the 700 sq ft attachment. Does anyone have any experience with evaluating an in-law suite (full kitchen, w/d stackable, walk-in closet, bedroom, bathroom, living room, and dining area with private yard and separate entrance)? There are no comparable homes in the neighborhood and it sits as one of the most expensive homes in the neighborhood (although price per sq ft is slightly lower than the smaller homes) which scares me a bit if there is to be a market correction in the next few years. Anyone have any advice on this deal?

All replies are greatly appreciated!

[Mike Arlington]

@Josh Calcanis
I've been poring through the zoning guide PDF on the City of Orlando site, and I can actually shed some light on those mother in law suites regarding zoning.
I'll paste the relevant info from the PDF below, but from the looks of it, it is OK to get those small out dwelling type buildings permitted as long as you follow a couple guidelines regarding their size, the lot size, etc.