Property Description:
Here’s a flip opportunity with strong potential returns. Located on Smith Rd in Polk City, FL 33868, this property is priced at $127,500, with an ARV of $200k – $230k +/-, after updates. It’s a 3 bed, 1 bath with 972 sqft sitting on a spacious 9,365 sqft lot. The house has good bones – metal roof, hardee board siding, and no major systems issues. The water heater was replaced in 2019, and both electrical and plumbing are in good shape with no reported problems. Septic was serviced 3 years ago and is working fine.
The property was last remodeled about 10 years ago and hasn’t been occupied for the past 2 years, but the yard has been maintained. It needs moderate updating to hit the target ARV, but no major system overhauls are required. The house was built in 1980 with a wood frame construction.
Recent comps support the ARV: A similar sized 2/1 with 992 sqft just sold for $237k in November 2024 after updates (209 CALLITRIS AVE). A slightly larger 3/1 with 1,079 sqft sold for $240k in May 2024 (307 HONEY BEE LN). For comparison, a property needing full cosmetic renovation – 2/1 with 840 sqft – sold for $145k in August 2024 (621 S 2ND ST). You don’t have a lot of similar comps in close proximity, so it’s a bit difficult to nail down. We kept all of our comps in Polk City, which is not very big.
Important details for investors: No HOA, no restrictions, and not in a flood zone. Property is vacant with lockbox access for easy viewing.