This property is in a great Spring Lake neighborhood on a corner lot. It has a tenant paying $750 a month and the market rent is around $875. The current tenant has lived there since 2015 and is on a month to month lease.
The garage has been converted into more Heated Living Area which gives the dining and living room a more open layout.
If the tenant moved, there are cosmetic repairs needed, definitely the floors. Also, there is pine straw consolidated on the roof that caused a leak and some ceiling repairs are needed as well. After the home is fixed up it will be worth about $87,000.
The home was completely rehabbed in 2014, including electrical and plumbing, because of a fire. Everything was repaired to code and permits were pulled. The only thing that was not replaced in 2014 was the HVAC.
ARV: $87,000
Current Rent: $750
Market Rent: $875-$900
Rehab:$10,000-$15,000
