Beach investment home on double commercial lot

[Christine Zharova]

Investment Info:

Other commercial investment investment in Flagler Beach.

Purchase price: $327,000
Cash invested: $99,000

This home is a block away from the beach, in the heart of Flagler Beach downtown. It sits on a corner double lot zoned commercial. Airbnb/VRBO short term permitted. This 3/2 has the added bonus of a fully refurbished garage studio (1/1) with a private entrance and an outdoor space. A huge fenced in backyard. Both units were fully renovated in 2016.

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

This home has many possibilities by being zoned commercial and sitting on two lots. It is a very short one block away from the beach in a quaint beach town. It is also situated in the heart of downtown with walking distance to restaurants. It allows us to rent the property to snow birds, while enjoying it during off-season. The garage that was converted into a studio pays for covers 1/2 of the mortgage.

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

I found it on Zillow and made an offer below asking.

How did you finance this deal?

20% down and traditional mortgage.

How did you add value to the deal?

Fully renovating in 2016, furnishing it, obtaining a short term rental license.

Lessons learned? Challenges?

It was a great experience and we enjoyed the house. As time went on, we started using it less and less because of busy schedules and travel time.