Two Homes For The Price Of One!

[Foster Algier]

We have an equity interest in this property and are selling the contract.

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Stella Avenue, Lakeland, FL 33805

INVESTMENT: $69,900

ARV: $150,000-160,000 +/-

Rental Income: $1,900 +/- month

ARV Rehab: $15,000-40,000 +/-

4 Bedroom 4 Bath

2,236 SqFt

Built: 1951

Construction: Shingle

HOA: $0

This is one of those super rare opportunities that work whether you are looking to flip or cash flow the home. You have 2 homes on a quarter acre corner lot. The main home is set up as a 3/2 on one side and a 1/1 on the other side. Both parts of the home have their own porch and separate entrances. The second building is a large 1/1.

Both homes are pretty dated and, depending on if you are looking to flip or cash flow, will need some degree of work. To cash flow, you really just need a few cosmetic updates to rent. The area does not require top notch amenities in order to get market rent. It appears as if you can get 800/mo for the 3/2 and at least 500/mo for each of the 1/1's, if not more. That will put you near the 20% ROI range. Not easy to find those these days.

To flip, you will need to add a/c in parts of the property. You can probably get away with a mitsubishi portable unit in the guest home. Again, you do not need to go overboard with your rehab to get a reasonable return. If you listed the home for 160k, you would be towards the lowest pp/sf that has sold within a half mile still. The neighborhood adjoining is where the majority of the comps are but your best comps is directly behind this home on N Lake. It sold for 133k, was rehabbed, and was nearly 1,000 sf smaller. Either way you look at this one, it is an opportunity not to be missed.

All properties require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract, clear and marketable title with a warranty deed. All closings are with a licensed title company with Insurable Title.

Buyer will be responsible for all closing costs unless otherwise indicated.

Foster Algier

Broker - Gold Key - G.R.I.

FLA Real Estate Services