Property Description:
Opportunity is knocking on this house in Downtown Orlando. Nestled directly in between Lake Davis and Lake Haven Park, you couldn’t ask for a more scenic backdrop. This concrete block property is priced very low, compared to the rest of the 32801 Zip code, but it will take some ingenuity and imagination to pull out the highest and best use.
The main house is a 2/1 as it sits. You have a garage in the back, that looks like they started to convert it into a mother in law. Then you have a storage shed/building as well, that is air conditioned. In our opinion, you will get the most value, flipping or renting, if you finish the conversion, adding a bath, and having a 2/1 and a 1/1 MIL in the back. The main house will need a lot of rearranging and updating as well. Fyi, the property is zoned R-2.
Within the last 6 months, and inside of the 32801 Zip code, the next cheapest active is listed at 409k, next cheapest pending 539k, and the 3 cheapest solds were 250k, 365k, and 410k. The conversion would give you an additional 210 sf as well, which would put your ARV somewhere in the $500k range.