Tampa / Bradenton Buy and Hold or Flip Folks?

3 Replies

I was searching the web as I usually do and came across a listing someone maybe interested in. It is not mine. I have nothing to do with it or know anything about it. That is not my area, nor my type of property. But it just went up for sale apparently. I wasn't sure if I was supposed to post it in the marketplace when it's not my property. I just wanted to help those looking for a multi-family four-plex in Florida.  The address is, 221 10th Ave W, Bradenton, FL 34205 Google it to see photos and details. 

If I am not supposed to do this. Please do let me know. :-) 

Hello Robin, I buy 1-4 units in Tampa Bay. This one is a little bit far do you have more info?

I looked into this property as I grew up in that area and know it well. It’s certainly interesting but probably not the right fit for me at this point. Here is the info I have so far:

- 3 of the 4 units are rented between 900-995. The listings online provide different rent breakouts vs the breakouts provided by the listing agent and the listing agent is not very forthcoming in terms of providing rent rolls, leasing information, rental history, or systems information (to calc needed capex reserves).

- Also, the bedroom/bathroom breakout varies by listing and doesn’t make sense. That being said - he did mention the roofs are new (the quad is made up of two top/bottom duplexes) and appliances are newer, so sounds like information forthcoming when favorable to a sale.

- The area is not bad at all in terms of crime, etc, but is surrounded by low income projects and other types of modest housing, so don’t know if a reno/flip would provide the income that would make the project worth the time.

- For buy/hold - this area has many section eight and the new owner would probably have to be open to that to limit vacancies.

- it’s wood Construction and the current owners seem to have had issues with termites, as they’ve fumigated, which includes tenting and removing tenants - expensive procedure that could significantly impact cash flow.

The agent I worked with to get this info is excellent and has worked with investors before - pm me if you want her contact.
Good luck!

@Luis Valette   Looks like @Sunitha Rao has gathered a lot of information on it. Thanks for posting this, I am sure it will be very helpful to someone. Scary stuff that fumigating; creeps me out whenever I see a building tarped like that. Reminds me of a haunted house attraction during Halloween! :-) 

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