Killarney Cove Dr, Winter Garden FL 34787

REDUCED!

New Price: $109,900
Price WAS: $119,000

This opportunity is the definition of “diamond in the rough.” The 1/2 acre-plus property is located in Winter Garden, just south of Clermont, and sits on a canal that connects straight into Lake Apopka. This property is going to take a little bit to wrap your head around. Coming onto the street, you drive through a brand new neighborhood that is very nice.  The road that the subject property sits on is not paved, and has a few other homes on it that are in need of repair.  Just outside of the street, there is a nicer home on a hill.  So, you definitely have a mixed bag with options.

We see three potential options as this is a half acre lot that appears to be able to be subdivided, allowing both lots to be lakefront.

• You could fix the property up as is and rent it out. With this option, you could work on buying up the rest of the homes on the street to totally control the area.

• Secondly, you can work with the city to subdivide the lot (you will need to complete due diligence to ensure this is definitely possible) and build two spec homes.

• Lastly, you can fix it up and flip. It is incredibly difficult to determine the value here, so I would probably hire an appraiser in this scenario.

As it sits, the house currently needs a standard rehab including kitchen, bath, floors, paint, electric panel and some landscaping. The former tenant was paying $1150/month. It has been vacant for a while and should rent for more.

Oakland, No HOA

Assignable

Est. Rehab: Heavy

Est. ARV: Varies depending on usage