Investment Opportunity: 3 Bed / 2 Bath Home in Ormond Beach, FL

Property Details:

• Bedrooms/Bathrooms: 3 Bed / 2 Bath / Attached Garage
• Livable Area: 1,048 sqft (per tax records)
• Lot Size: 5,000 sqft
• Year Built: 1958 (Block)
• Asking Price: $283,000
• EMD: $5,000
• Close of Escrow (COE): 10/16/24

Link to Photos:

View Property Photos

Key Features:

• Roof: Replaced in 2021, providing years of life ahead.
• HVAC: Current status unknown, may need replacement.
• Condition: Overall, the property is a solid block construction with cosmetic updates likely needed to bring it up to market standards.
• Garage: Attached garage offers extra storage or potential conversion space.

Comparable Sales:

• 2 Seaside Dr
  • Price: $409,000
  • Sold Date: 6/24
  • Condition: Remodeled, Block
  • Specs: 3 beds / 2 bath / 1,266 sqft / Built 1957
• 41 Beechwood Dr
  • Price: $372,500
  • Sold Date: 5/24
  • Condition: Remodeled, Block
  • Specs: 2 beds / 1 bath / 1,015 sqft / Built 1957

After Repair Value (ARV): $370,000

Investment Highlights:

This 3 bed / 2 bath block home in Ormond Beach, FL offers a promising investment opportunity with a strong ARV of $370,000. The property benefits from a new roof installed in 2021, reducing any immediate major capital expenditures. While the HVAC system may need replacement, the home offers a solid foundation for a full remodel or cosmetic upgrade to match neighborhood standards.

The property is ideally located, and with the right updates, it can easily reach its ARV in the mid-to-high $300k range based on the comparable sales.

Considerations:

• HVAC: The current status is unknown and may require installation of a new system.
• Remodel Needed: Cosmetic upgrades will likely be necessary to achieve top market value, including kitchen, bathroom, and flooring updates.

Conclusion:

At an asking price of $283,000 and an ARV of $370,000, this property presents a significant opportunity for investors. The new roof and block construction make this an attractive option for a flip or long-term rental in the desirable Ormond Beach area. With a little attention to cosmetic and HVAC needs, this property could offer substantial returns.

For more details or to schedule a viewing, please contact:

📞 Phone: 813-544-4909

Disclaimer:

All information provided is deemed reliable but is not guaranteed and should be independently verified. The asking price and property details are estimates based on available data and are subject to change. Buyers should conduct their own due diligence, including verifying property details, zoning, and potential for rental income or development. The seller and their representatives make no warranties or guarantees regarding the accuracy of the information or the property's condition.

This Ormond Beach property offers a great opportunity to invest in a desirable market with significant upside potential.