Can I get more cash flow from this property?
I'd like to understand if i am getting the most out of this property:
It is a 1550 sq ft single family 3/2 ranch home in the Orlando Fl. SODO-ish area. Corner lot is 110' wide x 140' deep. house sits right in the middle and is 67' wide x 25' deep. the rest is backyard and front yard. It has been a consistent cash flower for the last 5 years w/ no issues.
It is on E Grant for those familiar w/ Orlando SODO, between Orange and Delaney Park.
As-is, property is worth approx. $300k to the market as a good guess. Bought it for $180k 5 years ago as a buy and hold.
Developers are putting $400-600k homes on tear-down properties all around it.
I looked at tearing down and putting a 4-plex on the lot...not allowed per code.
I looked at tearing it down and doing a duplex...after all costs and penalty of interrupted cash flow...bad move.
I looked at tearing down and putting two single family homes...bad cash-flow move.
It just seems that with a lot so large relative to the size of the home is in such a hot/in-demand area, i should be able to get more cash flow.
Anyone have any thoughts/ideas? Thanks in advance.