Looking for advice on a property I am thinking about purchase

[Felix Texidor]

Hello,

I am brand new to REI and needed some advice. I am looking to purchase a 3/1 with 1190 sqft property in a really good area in Tampa Bay FL, however I am paying almost retail price for it. Would it be a good idea to add more sqft and an additional bathroom to make the value of the home appraise for more? I had my realtor run the comps based on similar homes that sold with the added sqft and bathroom and noticed that they were sold for significantly more which is why I am intrigued to purchase this home. Is this a good idea?

[Bill Plymouth]

Totally! As long as the money you're putting in to add the bathroom and the extra square footage doesn't offset your ARV.

For example if you buy for 100k and ARV Is 150k don't put 70k worth of work into it. You'll be in the red. (these are just easy round numbers)

Also, check with your city/township or whoever you have to go to in FL to make sure you’re allowed to add the square footage.  You don’t want your plans to be ruined by bureaucratic BS.  Just do your due diligence and you’ll be good to go !