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

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

Colin Fichman
Residential Real Estate Agent · Miami, FL · Member since 2014 · 5 posts · 1 vote

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. 

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Ray Slack
Investor · White Haven PA · Member since 2014 · 363 posts · 221 votes
11y

I would say as a realtor you probably know your market better than any of us..  I mostly invest on the beach (South Beach)  which is more singles and gay couples but a 2 bedroom would probably work better but I always assumed Coral Gables was more family buyers whom would probably prefer a 3 bedroom.. Maybe take some of the end of the Living Room and make a master bath?

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  • Ray Slack
    Investor · White Haven PA · Member since 2014 · 363 posts · 221 votes
    11y

    I would say as a realtor you probably know your market better than any of us..  I mostly invest on the beach (South Beach)  which is more singles and gay couples but a 2 bedroom would probably work better but I always assumed Coral Gables was more family buyers whom would probably prefer a 3 bedroom.. Maybe take some of the end of the Living Room and make a master bath?

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  • Ben AndrewsPro Member
    New to Real Estate · Escondido, CA (San Diego) · Member since 2015 · 112 posts · 20 votes
    11y

    @Colin Fichman Looks like it has great potential! I agree on the master suite. Best of luck and keep us updated with more pictures and numbers.

    -Ben

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  • Colin Fichman
    OP
    Residential Real Estate Agent · Miami, FL · Member since 2014 · 5 posts · 1 vote
    11y

    Thank you @Ben Andrews and @Ray Slack.  We have decided on our plan, just waiting on an architect to draw this up.   

    2 of the bedrooms have a coat closet as well as the regular closet(I guess because it was built in the 20's) so we decided to take the coat closet from middle bedroom and a little of normal closet in back bedroom to add extra space in our only bathroom.  It will make it almost twice the size, and master bedroom will have access with a new entryway.  At this time we only have 1 bath in the house so that could be our challenge but I think this is the best option.  Building a whole master suite will eat my profit.  

    The other question is moving the washer dryer to the back house and turning that space into a powder bath for guests.  Question is would a buyer rather have a second bath or washer dryer in the house.  If back house is rented as efficiency, no leave as is, but if its for a grandmother then it might make more sense.  Decisions, decisions.

    Also there is extensive mold in the property.  Does anybody know if I completely remove the mold with a general contractor do I have to disclose that it was ever there?  Do I have to have company come in after work to certify?

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  • Ray Slack
    Investor · White Haven PA · Member since 2014 · 363 posts · 221 votes
    11y

    I vote no on the powder room.. Better to have w/d in the house..

    Have your contractor give you a guarantee in writing that the mold issue has been remediated  and I would just disclose that there was water damage to the house which has be professionally fixed. 

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  • Malgorzata SadowskaPro Member
    Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
    9y

    Just saw this!  I live & work in the Gables a lot & happy to help an industry colleague (might even have an end user buyer for ya).  How did it go?  Do you still have the house?  Warmest regards, Maggie

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