Saratoga Ave., Lakeland, FL 33815

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This Lakeland “buy and hold,” or “fix and flip,” is priced right in the sweet spot. The current tenants are month to month and paying $750/mo. With a little bit of work, you could probably get another $50 – $100/month.

The house had the roof replaced 8 years ago, but you will need to fix some of the facia. The house does not have central air, but has 3 window units. It’s a pitched roof, so adding central air for a flip would probably help resale. The kitchen cabinets are in decent shape, but there aren’t that many so probably best to replace. You definitely want to put a nicer counter top and appliances in. The floor are mostly tile, so you can keep and re-grout, or lay a nice tile on top. The other parts are a laminate that you would want to replace. Part of the floor slopes slightly so you may need to put a support beam under one of the subfloor beams. Electrical looks good. You will need to gut the bath as well, and paint. It’s not a big house so you should be able to keep it under 20k.

Comps are super tough in the area. I have attached what I have found.

Skyline Acres, No HOA

Est. Rehab: $5,000 (Rent) – $20,000 (Flip)

Est. Monthly Rent: $750 – $850

Est. ARV: $110,000 – $120,000

Recent Area Sales / Activity:

• 2915 Crutchfield Rd – 3/1, 1102 SF – Pending for $95k
• 1247 N Wabash Ave – 3/1, 1212 SF – Sold 5/9/18 for $115k ($94.88 PSF)
• 738 Strain Blvd – 3/2, 1015 SF – Sold 3/14/18 for $109k ($107.39 PSF)
• 1113 Melville Ave – 3/1, 1102 SF – Sold 4/30/18 for $123k ($111.62 PSF)