Assigned

This property is situated on a double lot near East Hill in Pensacola.  There is a 2 bedroom 1 bathroom home that is in great shape with a month-to-month tenant.  Rent is WAY below market at $535/mo, but should be adjusted to $900/mo immediately.  Tenant works at Navy Fed, has been there for several years, and wishes to stay, so you’ll have cash flow on day 1.

The roof is older (2005), but has no leaks.  HVAC and water heater are also 2005, but both are working well.  Windows were all replaced in 2005 as well, and the entire house, including the floors, were insulated when it was rehabbed back in 2005.  Exterior could use a pressure wash and paint to spruce it up, but doesn’t need to be done immediately.

The entire lot is fenced, and there is plenty of room to build another home next to the existing home after the lot is split (approximately 50′ x 115′).  ARV in the area for multiple new builds a block away is $137/sqft.  A similar 2 bedroom home 2 blocks away sold for $175/sqft in August.

The combination of a light flip for the current home and a 1,400 sqft brand new  build next door will for this one is would go for $320k-$330k

Don’t miss out on this one, it’s going to go fast!

6-12 Month Comps a block away:
1. 605, 608, 609, & 610 E. Fisher St (2/20) – $137/sqft
2. 509 E. Scott St (8/20) – $175/sqft

Property Appraiser

Click For More Photos

Property is TENANT OCCUPIED.  Do not disturb.  Please contact us for entry.