Massive Miami Estate : Keep Property, Fix it and rent, Fix and Sell, or Sell AS IS!?

[Alejandro De Varona]

I own free and Clear a extremely unique property in upcoming Little Havana, Miami, Florida. 

The property sits on the largest lot in the neighborhood, 3 lots totaling 15,500 Sq Feet. 

The Property consists of 1 main home, 1926 German built Tudor home with 4 bedrooms, 5 bath, Florida room, Living, Dining, Kitchen. Surrounded by amazing trees mostly brought from Fairchild Gardens.  

The second house on the property is split into 2 rental apartments, the bottom floor being a 1 bed/bath, 1 office, living and kitchen. The Second apartment is a multi level, vaulted cielings, 2 bedroom, 2 bath, with balcony patio. 

3 Car garage, workshop, tool room, and 2 car car port. With still even more space in the driveway for 8 more vehicles! 

The issue is the past 3 years the estate has not been properly maintained, and would require near $100,000.00 to get the Roof, Electrical, Plumbing, and wood work up to code and at a desirable insurance policy. 

Rental Option : Invest 100k to earn 4k a month. 

After all that I would be able to rent out each apartment at $1250 and $850. And the Main house at $2,800 totaling $4,900 in Monthly Revenue with about $700 in cost. Id comfortably say $4,000.00 a month Income. 

Sell "As Is" : I have been recommended that buyers prefer to do all renovations themselves rather then me be the flipper I allow for a buyer to come in and do the work and attempt to turn profit themselves. The market would be interesting to test, as there are no comparables whatsoever for a property of this magnitude in this neighborhood. I have had multiple realtors say they would list it AS IS in the $650,000 - $765,000 range. 

Developers have been interested in the land at $600,000. 

I almost dont even want to consider renovating the property and asking for $850k+ on the property because it would be a very interesting buyer indeed to own this Mansion on the top of the hill here in Little Havana. 

What do you guys suggest? Are their interested buyers here in Miami? this Estate has been in the family for 45 years and this would be the first time a buyer had the oppurtunity. Should I invest into it and maintain it as a rental income?

I am unsure of my next step and time is of the essence!

Thank you all 

Alejandro 

[Account Closed]

Hi @Alejandro De Varona

Curious to know what you ended up doing with the estate? Hope you had success whichever way you went!