This property in South Tampa represents a fantastic opportunity for the investor willing to take on a full property renovation.
From my research it would appear the home is being sold by an estate. The house is in a condition that would make it unlikely to qualify for traditional financing. This property is ripe for an investor to swipe up.
Firstly, the home needs a full gut renovation. Based on the condition of the interior, it is my opinion that it will need both plumbing and electrical to be fully replaced in addition to a full cosmetic rehab.
Second, based on tax records, the home at one point enclosed an additional 264 square feet without permitting. Due to this fact, the entire project will need to be permitted to get this extra square footage legalized. This will involve opening the walls in this section of the home and bringing up to current code. I would also recommend leveling the floor in this area in the rear of the home to bring all the flooring to a single level.
Lastly, there is a wall between the kitchen and the living room that should be demolished and replaced with an LVL beam (if necessary) to completely open up the space.
In addition to the 4 bedrooms, the home also has an office. I would recommend making this space slightly smaller and expanding the master suite to create a larger master bathroom and walk-in closet.
With comps in the high 500's and quickly rising into the 600's, there is plenty of profit potential in this property. Mortgage balance is low and as the home has already been on the market several weeks I believe there is opportunity to strike a deal here.
If you're interested in learning more, call me at 813-591-0569 and we can discuss putting together an offer.
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All information contained in the Dispensa Properties LLC “Deal of The Day” is deemed accurate but YOU MUST VERIFY ALL INFORMATION PROVIDED INDEPENDENTLY. only. Any information regarding specifications, characteristics, or condition of this property, neighborhood, or investment strategy (including, but not limited to: estimated rehab costs, as-is property square footage measurements, or proposed expansion through construction) is an unverified assumption of the broker or its affiliates based on limited information and must be verified independently for accuracy. Broker and its affiliates assume no liability whatsoever for the accuracy of any estimates, information, or photo/video provided. Buyer is required to conduct their own due diligence.
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