New Duplex Flip or Rental In Wilton Manors Fort Lauderdale

[Gregory Avalone]

Price: $250,000 CASH or Hard Money ONLY, Inspection must be done before contract.

Est. Rehab: $10k-25k

ARV: $300k-350k

Cap Rate Potential: 9%

Est. MKT. Rent $2,700/month

Current Cap: 5.6%

Current Rent $1575/month

Layout: (1557 sqft, 6450 sqft lot )

Off Market Duplex located on North Dixie Hwy in Fort Lauderdale. The property is CBS construction and consists of 2/2 + 1/1 units on a 6,540 sq ft lot. Both tenants are month to month and paying below market rent. The property is in need of a rehab to include central air installation. With a $25k rehab you would have one of the lowest priced income properties in the area. Excellent flip opportunity in a central Fort Lauderdale neighborhood near Wilton Manors and Flagler Village.

Subject Property
DUPLEX 2/1 + 1/1 1,557 sq ft ($151/sq ft, $122k/unit)
*the next cheapest duplex in the neighborhood is asking $350,000

COMPS (closed sales)
1000 NE 14th Pl DUPLEX 2/1 + 2/1 1,248 sq ft $387,500 ($310/sq ft, $194k/door)
1404 NE 17th St DUPLEX 2/1 + 2/1 1,248 sq ft $360,000 ($288/sq ft, $180k/door)
708 NE 15th St DUPLEX 2/2 + 1/1 1,500 sq ft $300,000 ($200/sq ft, $150k/door)
630 NE 15th Ct DUPLEX 1/1 + 1/1 1,306 sq ft $339,000 ($259/sq ft, $170k/door)
827 NE 16th Ct DUPLEX 2/1 + 1/1 1,224 sq ft $285,000 *wood frame foreclosure ($232/sq ft, $142k/door)

COMPS (active listings)
1009 NE 17th Ct DUPLEX 2/2 + 1/1 1,298 sq ft $399,900 ($308/sq ft, $200k/door)
415 NE 15th St 3/2 + in law suite 1,415 sq ft $350,000
1332 NE 14th Ave 1/1 + 1/1 1,256 sq ft $199,000 (starting bid for online foreclosure auction, price will be bid up)