Property Description:
Located in beautiful Pensacola is this rare four-home package on an 18,000-square-foot lot. Each single-family home consists of 2 bedrooms and 1 bathroom. Currently, two are vacant units and the other units are with non-paying tenants. All the homes have wood-framed exterior construction, connected to city water and sewage with separate meters for water and electricity. In addition, there are no HVAC units and no AC ducts installed in the homes. It will be most cost-efficient to install mini-split systems.
Each unit must be extensively repaired and renovated to achieve a high rental return. With neighboring comparable sales, we estimate an after-repair value of $400,000 with a market rent of $1,100 per month. At $62,000 per door, this makes a rare low-entry cost opportunity for a multifamily.