Property Description:
This 1,026 sq ft 3-bed, 2-bath wood-frame home sits on an 8,459 sq ft lot in Punta Gorda. Built in 1936, the property has historic character but was significantly impacted by recent hurricanes and flooding. It is currently vacant and available for access by appointment.
Condition issues include storm and water damage throughout, with insurance claims noting replacement needs for windows, flooring, drywall, cabinetry, and electrical systems. The home will require a full gut rehab. The trick here is improvements are capped at ~$70K under FEMA 50/50 rule, which limits renovations to 50% of assessed value. Because of the storm impact and limited retail comps, the play here leans toward a long-term rental rather than a flip, to keep costs down. The property sold for 265k just a couple of years ago and was fully renovated. So, you can also challenge the value on the County with your own appraisal, in order to give yourself more money for the rehab. This is a long term play.
🔴 Recently Sold
- · 1122 Florida St – 912 sq ft, 2/1, built 1955 → Sold $83,000 ($91/sq ft) – dated
- · 27485 Mark Ave – 1,128 sq ft, 2/1, built 1959 → Sold $118,000 ($104/sq ft) – dated
- · 3143 Myrtle Ave – 1,104 sq ft, 3/1, built 1962 → Sold $190,000 ($172/sq ft) – updated
📊 Rental Comps
- · 1521 Tamiami Trl – 2/1, 900 sq ft → Rented $1,575/mo
- · 1124 West Marion Ave – 2/1, 1,020 sq ft → Rented $1,850/mo
- · 2400 Aqui Esta Dr – 2/1, 1,100 sq ft → Rented $2,000/mo
👉 Estimated market rent: ~$1,800/month ($1.78/sq ft) once stabilized.