Perfect investment property with a few potential options to add significant value. Currently tenant occupied, but tenant will be out on July 31st. Tenant is using the house as a 3/1 but it should function properly as a 2/1. To maximize your ARV, I would advise adding a 2nd bath and putting a closet in the 3rd bedroom.
The property needs a roof and the ceilings are low throughout the house. I would highly recommend using the attic space and open up the ceilings when you do the roof. It will cost a little bit more to do but if you install some exposed cross beams, you could really change the feel of this house completely, and maximize your ARV. One other thing I would recommend is, you have an additional 476 sf that’s under the roof line that could be used to make the house more functional.
Outside of these 2 big things, you have to redo all of the cosmetics inside and install ac. For comps, you have 3 1 bath and 1.5 bath houses that are similar in size, selling between 162/sf and 172/sf. None of these houses were really rehabbed nicely. You do have one nicely rehabbed 1,100 sf flip that is pending for 275k. The address of that comp is 638 Palmetto. You have 2 actives that are similar in size, that are both listed just under 240k. Long story short, depending how much you do will definitely determine how much you will get out of this.