Miami, FL (Coral Gables) - Single Family Spanish Style Flip

[Colin Fichman]

Hello Everyone!

I have been a long time reader but this is my first post. I recently bought my first flip in Coral Gables in Miami. I am a Realtor with Douglas Elliman. I bought this property through the county foreclosure auction for 455K(470K with court costs and fees). My ARV is 750K. I bought at June 26, just got title recorded, and the occupant is out.

This is an old spanish style home and it needs a lot of repairs. House was built in 1925.  It is a 3/1 with a backhouse with another 1/1, so really it is a 4/2.  It has really bad roof leaks and some mold.  We have our roof repair scheduled for Aug 23 to begin.  My repair budget with roof is 130-150K.

Right now we are deciding on keeping current configuration, or turning main house into a 2/2 with a nice master suite.  I personally would rather pay 750k for a beautifully renovated property with a master suite than have to potentially share 1 bathroom with all my guests and children.  Here are some pictures of the property right now. 

https://www.flickr.com/gp/134666270@N06/HZ1Y58

Here is a basic floor plan I created of what it would be like if we added the master suite that I want to do.  I would turn the front two bedrooms into the master. My thoughts are a couple without kids this could be perfect for, could use the back house as a grandmothers/maids house. Either way I will be opening up the walls in the main area and kitchen to make one large space.

https://www.dropbox.com/s/x5w2zut68bis19y/FloorPla...

Here are some pictures of the aesthetic I am going for to get high ARV.

https://www.dropbox.com/sh/k95l4wgbuopspjk/AAAixic...

My question to you all is this - Do I just renovate the structure as it is,  move the washer dryer in the kitchen to the back house, turn that area in the kitchen into a small guest bathroom, or change from 3/1 to 2/2 with master suite/bathroom.  Keep in mind even if I change to 2/2 it would technically be a 3/3 counting the back house.