Property Description:
This 2-bed, 1.5-bath, 979 sf block home (with a 1-car garage) sits on a 4,623 sf lot in Lake Sherwood Hills, built in 1979. The property is tenant-occupied at $1,675/mo with a lease ending March 31st, providing immediate income should you choose to keep the occupant. Although, the tenant is cooperative and willing to relocate for $5K – buyer is responsible. Major systems are older but functional (Roof 2010, HVAC 2009). The real value play is converting the garage to create a 3/2 layout, boosting livable area to approximately 1,311 sf.
🛠️ Rehab Scope
If kept as rental:
No immediate rehab required; tenant is satisfied
Optional: WH replacement, minor cosmetic updates during natural turnover
If flipped as 2/1.5 (no conversion):
Full cosmetic refresh (kitchen, baths, paint, flooring, fixtures)
Update HVAC + WH
Roof nearing age but still functional; evaluate for insurance requirements
Minor exterior clean-up + landscaping
If converted to 3/2 (~1,311 sf):
Garage conversion: framing, insulation, drywall, electrical, flooring
Add full bath + reconfigure existing 1.5 to 2 full baths
Full interior cosmetic modernization
Update HVAC + WH
Exterior paint & curb appeal improvements
🔵 Comparable Sales (All within immediate neighborhood)
4518 Watch Hill Rd – 2/2 | 952 sf | 1977 – $205,000 | $215/sf | Lot 7,390 sf | DOM 17
4710 Hatteras Ct – 3/2 | 998 sf | 1979 – $285,000 | $286/sf | Lot 5,493 sf | DOM 32
4425 Signal Hill Rd – 3/2 | 1,020 sf | 1978 – $289,900 | $284/sf | Lot 4,938 sf | DOM 98
4674 Lighthouse Cir – 3/2 | 1,028 sf | 1979 – $315,000 | $306/sf | Lot 5,740 sf | DOM 116
📈 ARV Analysis
Using the 3/2 comps:
Average $/sf of 3/2 comps: ($286 + $284 + $306) / 3 = $292/sf
Estimated ARV with 1,311 sf finished≈ $300,000 – $320,000 +/-
This is only achievable if the conversion is fully permitted, creates a functional 3/2 layout, and the finish level is consistent with top comps.