Property Description:
This 870 sq ft 2-bed, 1-bath block home sits on a large 0.37-acre waterfront lot in New Port Richey. Built in 1970, the home is block-on-slab construction, a 2015 roof, and updated electrical. It uses window units for cooling. The property was flood-damaged and is subject to FEMA’s 50% Rule, capping permitted improvements to roughly $61,000 based on the county’s assessed improvement value.
The home requires a full interior and exterior renovation, including drywall replacement, kitchen and bath overhaul, flooring, fixtures, and all cosmetic updates. Despite the rehab scope, its oversized lot and canal-front location create long-term upside for either rental hold or future resale once floodplain stabilization improves area comps.
🔴 Recently Sold / Pending
· 7318 Dianne Dr – 850 sq ft, built 1976 → Sold $190,000 ($224/sq ft) – updated, not waterfront
· 7326 Oelsner St – 1,127 sq ft, built 1959 → Sold $130,000 ($115/sq ft) – needs work
· 5023 Osprey Ln – 887 sq ft, built 1958 → Sold $125,000 ($141/sq ft) – dated
· 7332 Janczlik Dr – 1,325 sq ft, built 1982 → Active $295,900 ($223/sq ft) – updated
· 7329 Royal Palm Dr – 1,272 sq ft, built 1958 → Active $299,900 ($236/sq ft) – updated
✅ ARV Conclusion
With Dianne Dr closing at $224/sq ft for a rehabbed 2/1 just blocks away—and not on the water—this property’s ARV potential is comparable.. Using the $220–$230/sq ft range, the subject supports an ARV around $190,000–$200,000, assuming a high-quality rehab is completed within permitted cost constraints.
💰 Rental Potential
Nearby renovated 2-bed homes are renting for $1,300–$1,600 per month. Based on recent comps like 5045 Osprey Ln (2/1, 884 sq ft) renting for $1,495, this property is projected to command $1,495–$1,550/month once rehabbed.