Today I wanted to give you a preview of one of my latest investment rental projects. This property will be closing and renovations commencing by the end of the month. Since I'm a bit long winded in the video I'll give you the synopsis here.
Property is a 1250 sqft 3bed/2ba/1 car garage located in a nice residential neighborhood in the Forest Hills section of Tampa. I'm experienced in this neighborhood personally owning 2 properties here and just completed another project with the buyer of this home in the same neighborhood.
The property was bought by the current owner in July of 2013 for 107k. He did not maintain the property particularly well and then he decided to list it for $159,900! While Forest Hills has seen tremendous appreciation over the last 2 years that is only in well cared for and upgraded properties. One of my properties that was bought for 92k in 2014 recently appraised at 137k but of course that is with us spending about 6k to renovate cosmetics combined with buying it about 5k below appraised value at the time. As a result of him listing this property too high, it sat and sat on the market. It was vacant and the few spots where grass is able to grow is nothing more than knee high weeds. For my buyer, this is a classic case of buying the worst house on the best street. With basic maintenance, this house could have sold for 130k with ease. It's an ideal first time buyer home. However, it simply shows horribly and very few first time buyers have the skills or money to put into making the improvements. This house will be a gem when we are done with it.
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