Fix and Flip in Great South Tampa neighborhood! 155kARV 280-320.

[Devon Garbus]

Home is currently occupied and owners need out as soon as possible.

One of the builders I work with in town had this under contract after I found it as a rehab/teardown off market and has decided he wants out of the rehab game to focus on construction. House is worth more than the lot. We're looking to sell the contract, which is 145k plus my commission (3%)and $2500 for his assignment.

His cost estimates came in at 80,000 max including removing a large tree from the backyard (debatable if it's necessary).

Owner's can't come lower on the price, and it should be at fair value as rehabs sell from 95-105/ft in this area on the MLS (I've listed a couple and bought a couple).

Comps come in solidly with a conservative sale price of 180/ft and a high end sale price of 205/ft. There are higher end comps but this home won't get close to those due to no carport/garage. Note comps from 180-205/ft also do not have carport/garage. I think it would be hard for the home to sell for under 300k.

Upsides to the home:

4 bedrooms are incredibly hard to find in this area, as are 2 bathrooms. Especially on a split floorplan. Most rehabbers have to spend the money adding the 3rd or 4th bedroom and 2nd bath themselves. This home also has a very large and open kitchen/family room that is almost non existent with homes this age as well. Roof and AC are about 10 years old.

What the property needs:

Complete gut and remodel, including trashing two old sheds and an old wooden deck in the backyard. I'd like to see an interior non load bearing wall removed in the living room and an archway put into a load bearing wall but these shouldn't be 'necessary.' Our 80k figure included doing this. No known structural issues.