Stuart Luxury Flip– 200k+ Net Profit

Description

Description:

Short Sale– All images from Appraisal

Large single family pool home on a .41 acre lot in Rocky Point neighborhood. The property currently offers 1,855 livable SF (as it sits) but permits were previously pulled to add an additional 1,619 of living space to make it 3,474 total livable SF. The property will need a complete overhaul (new windows, new roof, some electrical, some plumbing (for addition over garage), etc.) and the pool will need to be resurfaced.

The attached plans (recently drawn up) offer an additional 890 SF for the great room and 633 SF for the conversion of 2nd floor garage into a 2/1 living quarters. Plans, Energy Calculation & Load Sheet attached.

Interior

Current Bedrooms, Bathrooms & SF

Bedrooms: 4
Bathrooms: 1.5
Livable Sqft: 1,855
Garage: 2 Car
New Bedrooms, Bathrooms & SF (Permits Pulled)

Bedrooms: 4
Bathrooms: 2
Livable Sqft: 3,474
Total Under Roof Sqft: 4,161
Garage: 2 Car

Lot

Size: 17,860 Sqft
Acres: .41
Construction:

Type: Frame
Built: 1989
ARV/Rehab

ARV: $1,100,000 (likely to achieve $1,250,000+ sale price)

Rehab: $250,000

Lien Payoff: $25,000 (factored into rehab numbers)

** The property is accruing fines of $100/day for an open permit– the permit is in the process of being closed out and a new one will be opened before a double close occurs. The city has agreed to collect on 10% of the permit which is equivalent to $25,000– the permit fines will be paid by the buyer that takes on the deal and they are underwritten into the deal accordingly– fines may have to be paid post-closing as they will be reviewed at the monthly board meeting that follows the closing out of the permit.

Purchase Price: $435,000

Spread: $665,000

Net Profit: $200,000+ (See Underwriting)

Comps:

Turn Key

3521 SE Kubin Ave: 4/2.5, 2,131 Sqft sold for $889,901 on 3/26/24 ($418/Sqft)
4566 SE Windsor Ct: 3/2, 1,916 Sqft sold for $857,412 on 4/17/24 ($448/Sqft)
Additional Comps

5573 SE Harbor Ter: 3/2, 2,495 Sqft sold for $875,000 on 4/9/2024 ($351/Sqft)
4769 SE Anchorage Dr: 4/3, 2,177 Sqft sold for $775,000 on 3/28/24 ($356/Sqft) (No pool)