Clearwater 55+ Community
💰Cheap Condo Perfect For Flip/Rental 

Private Golf Course, No Rental Restrictions

Buy: $105,000

ARV : $195,000

Call or Text Us: 321-384-5006

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Key Features:

• 🏡 2 bed, 🛀1 Full ba
• ✅ HOA fee: $397/mo
• ❄️ AC replaced in 2013 and the circuit panel in 2011.
• 🚫 No Rental Restrictions
• ✅ Deed Restricted
• 🏘️ 55+ Community - Someone above 55 has to live in it
• 🏝️ Close to beaches

Property Details

This 3 bed, 2 bath condo in a 55+ Clearwater community offers 1,100 sq ft of living space with a $397/month HOA fee and no rental restrictions, potentially renting for $1,500/month. Recent upgrades include a 2019 AC replacement, 2011 circuit panel update, front window replacements, and exterior storm shutters. The community features private golf courses, heated pools, a remodeled cardio gym, and a pet-friendly dog park. Currently vacant, this property presents a lucrative opportunity for investors.

Investor Analysis

This property presents a unique investment opportunity in a 55+ community with no rental restrictions, which is a rare find. The ARV is estimated to be up to $195,000, and the potential rental income is estimated at $1,500/mo. 

Pros:

1. High ARV Potential: The property’s ARV of up to $195,000 offers substantial profit margins for flippers.
2. No Rental Restrictions: Allows for flexible rental strategies, including long-term leases and possibly short-term rentals, provided someone aged 55+ resides in the property.
3. Recent Updates: Major updates to the AC and circuit panel, as well as window improvements, reduce the need for immediate large-scale repairs.
4. Community Amenities: Access to private golf courses and a community pool enhances the property's attractiveness to potential renters or buyers.
5. Assigned Parking: Adds convenience and value for residents.

Cons:

1. HOA Fees: The monthly HOA fee of $397 reduces net rental income and overall ROI.
2. Deed Restrictions: Limits on the age of occupants may restrict the pool of potential tenants or buyers.
3. Age of Major Systems: Although the AC and electrical panel have been updated, other systems may potentially require attention or replacement in the near future.

Investment Strategies:

Flip Potential: Significant upside with an ARV of $195,000. Minimal additional investment is needed for rehab, making it a lucrative flip opportunity.

Rental/ BRRRR: Steady Rental Income: With an estimated monthly rent of $1,500, the property offers a solid monthly cash flow.

Market Demand: Ideal location and condition for steady rental income with minimal upkeep combined with community amenities, make it an attractive option for long-term rental, ensuring steady occupancy rates.

Long-Term Appreciation: Clearwater, FL, is a growing market with steady appreciation rates. Holding this property long-term can lead to significant equity gains, especially with ongoing community development and demand for senior living accommodations.

Conclusion:

This property offers strong returns for both flipping and rental strategies, with recent upgrades, prime location, and flexibility in use. Vacant and easy to show, it presents a hassle-free acquisition with immediate profitability potential.

Comps:

2449 Columbia Dr APT 1, Clearwater, FL 33763
Sold on 05/17/24
Sold: $220,000

2448 Columbia Dr APT 16, Clearwater, FL 33763
Sold on 03/12/24
Sold: $200,000 

2447 Ecuadorian Way APT 11, Clearwater, FL 33763
Sold on 10/19/23
Sold: $195,000

2448 Columbia Dr APT 32, Clearwater, FL 33763
Sold on 09/21/23
Sold: $195,000

🔐CLICK 'WIN IT NOW' TO AVOID BIDDING WAR $105K!🔐

More Details:

• Square Foot: 1100
• Year Built: 1972
• Flooring: Carpet, ceramic Tile
• Senior Community : Yes, 55+
  
  

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DISCLAIMER:

• All offers are Cash or Private Lender Only.
• Deposits for all properties are non-refundable.
• Properties are sold AS-IS with NO inspection period; Please inspect first.
• Buyer pays all closing costs for buyer and sellers.
• Rehab Estimate, Projected Rent, and ARV are ESTIMATES based upon the analysis and opinion of Citywide Investments, LLC, actual repair cost, rent, and/or ARV may vary. 
• Citywide Investments, LLC is not a licensed contractor or appraiser.
• Taxes, Insurance, and Closing Cost are estimates. Actual cost may vary.
• Seller has an equitable interest in this property and is advertising the sale of this contract as it is assignable.