Help analyzing SFH w/ detached garage apt FLIP in Tampa, FL

[Carrie Mims]

I know there’s a ton of info on this but I have a few areas of concern with a property I am evaluating to flip in Tampa. Specifically, old Seminole Heights / Sulphur Springs area.

It’s a 5/2, 1721 sf, built in 1930, needs total rehab, 50-60k. There’s a detached structure that’s been framed out for a 2/1. Under contract for 125k.

1. Trying to determine ARV. Is it based on rent income, multifamily, or SFH with in-law suite comps? It's in a decent rental area, but low income. The end buyer would most likely be an investor.

2. The county appraiser stated this home is a 2/1 with a utility building added in 1987. It’s the correct sf, but not bed and bath. Not one permit recorded for this parcel, ever. There have been no additions or layout adjustments on the interior, it looks straight out of 1930. What are the challenges I’ll face with building/permits division and resale?

Any advice would be helpful, from Tampa investors/experts or not. Thank you!