LTR Deland Fl 1.9 acres- sell as is, reno and sell, or re-rent, divide lot or add on?

[Tanya Manning]

Hello BP family and Merry Christmas,

I have a SFH LTR in Deland Fl recently vacated at end of the lease. Owned for 30 years free and clear with approx $600+/mo cash flow. We live in WNC now and trying to decide what would be best for us for this property.

It is a cement block 2 bedroom home (but could be made into 3 bedrooms) with 1 and 3/4 baths, Florida room and garage. It is in need of a renovation which we have been planning to do once these last tenants left (they were there 8 years). Needs new kitchen and baths and new roof, refinish hardwood floors and cosmetic touch up. It sits on 1.9 acres. 

We are considering various options: If we sell it it will be to reinvest, probably in WNC or SC

Our options as we see it:

1) Sell as is.

2) Divide the land and sell house as is.

3) Divide the land and sell both.

4) Divide the land and build on the second lot selling one or both.

OR:

5) Reno and sell with one of the above scenarios

6) Reno and continue to LTR, MTR (current prop management doesn't think it is a good STR).

7) Reno option would entail different levels of reno for selling or renting. 

In trying to find a contractor we are planning to go to Fl first part of January to hopefully find contractor(s), costs and timeframes. 

We've been out of Fl for 10 years so no longer have inside knowledge for the market in this area. Any advice would be greatly appreciated. 

Thanks all, and hoping everyone has a happy new year.