Two home renovations on one lot

[Mindy Nicol]

Investment Info:

Small multi-family (2-4 units) fix & flip investment in St Augustine.

Purchase price: $230,000
Cash invested: $170,000

Two homes on half an acre located in St Augustine, Florida. Both were rented at the time of purchase. Homes were in disrepair and needed immediate renovation. I was able to do gut renovations on both when leases ended. Land was a dumping ground for trash and old structures. Massive cleanup and redevelopment of property since August 2022. Tiny house is currently a short term rental. I am house hacking the main house and redoing landscaping.

What made you interested in investing in this type of deal?

Both homes were rented at the time of purchase so the rental income was attractive. The location (6 min from downtown) and size of lot was appealing.

How did you find this deal and how did you negotiate it?

Listed on the MLS. Aggressive cash offer to get under contract. I felt the property was underpriced knowing the potential of the area and the two homes on it.

How did you finance this deal?

Cash

How did you add value to the deal?

Complete gut renovation of both homes, structural, roofing, fencing, new landscaping, significant trash removal, painting.

What was the outcome?

Renting the tiny house out as short term rental and continuing to house hack the main house.

Lessons learned? Challenges?

So many major lessons learned here. Cost of trash removal, sod and landscaping lessons, fencing lessons. Working with reputable and trustworthy vendors.