Property Type: Single Family
Sq Ft: 1300
MAKE THIS HOARDER'S NEST YOUR NEXT CA$HFLOW CASTLE
This WAS a nice looking house that was built in 1959. With a complete clean up and rehab, a savvy investor can restore its beauty and charm. It has 3 full size BR & 2 BA. You will love the classic parquet wood flooring in the Hallway and bedrooms. The formal dining room & LR are spacious areas that can benefit from bright or earthtone paint colors. Adjacent to the LR is an area that was formerly a one-car garage, now ground zero for the hoarder's nest. Currently, in lieu of a garage, there is a 2-space carport. The areas that require the most renovation and new amenities include the kitchen, bathrooms and Florida Room. The Florida Room has 3 patio slide-door accesses to the back yard, where the garden shed is located. Next to the Florida room is a bonus room with a separate cooling unit and the laundry room complete with W/D hookups. The front and back yards are large but it is camouflaged with overgrown tree branches and shrubbery. The foliage obscures the view of the house from the road. An experienced landscaper can literally shed new light to this property and give it the curb appeal it desperately needs.
The HVAC was recently purchased and is in good working order. With the exception of the FL room, the roof has no loose shingles.
Overall, major cleanup is required but cost-effective renovation would add much needed value to this property. Other suggested rehab tips include making the floorplans user-friendly, bring the garage back or add an in ground pool in the back yard with a Lanai and privacy fence.
Location is an obvious selling point here. Ferry Pass Heights is located in North Central Pensacola. This neighborhood is a stable but quiet community for home ownership. East Burgess Road remains a two-lane road from east of Davis Hwy to west of Lanier Dr. The property is less than a mile away from the newly renovated University Mall. Other easily accessible routes include I-10, I-110, University Pkwy and Airport Blvd. Clearly, with a lot of TLC and renovation this property will make a great home for a family again, a Ferry Pass Heights Tradition.
At a low Asking Price of $31.5k, it should sell quickly. Current MLS comps show the after repair value (ARV) to be $94k. With the suggested renovations it should sell for much more. Zillow estimates show the ARV for more than $118k. Median rent for this area is $1,250. Annual property taxes is less than $900. Whatever your exit strategy; Fix and flip or buy and hold. Your return on investment will be significant. Now is the time to deal. Make this Hoarder's Nest your next cash flow castle!