Our First House Hack in Largo, FL: Duplex, Renovations, and Lessons Learned

[Sierra Hadik]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $313

We purchased this property as our first house hack. While we knew Florida’s prices and interest rates wouldn’t allow for a fully offset mortgage, the numbers made sense for a long-term wealth-building strategy. The main unit is a 2 bed / 1.5 bath, and the rental side is a 1 bed / 1 bath. Both units feature separate, fenced-in backyards, making it an attractive setup for tenants and owner-occupants alike.

What made you interested in investing in this type of deal?

We found the property listed as a For Sale By Owner on Zillow, which gave us the confidence to put our BiggerPockets knowledge into practice and move forward without using an agent. The location was a major selling point: Largo is a well-developed area, just 10 minutes from the beach and within 25 minutes of Clearwater, St. Pete, and Tampa. That proximity makes it a strong long-term rental opportunity with consistent demand.

How did you find this deal and how did you negotiate it?

The property was listed For Sale By Owner, and from the start the seller was very open and easy to work with. He was upfront about what he hoped to make on the deal and made it clear he wanted to sell to someone who planned to live in and care for the property—not to wholesalers or flippers. While we didn’t negotiate the purchase price aggressively, we were able to have him cover the cost of a brand-new AC unit and fresh exterior paint, which not only improved the property but also helped with c

How did you finance this deal?

FHA and put 3.5% down.

How did you add value to the deal?

When we first purchased the property, we invested about $7K to get the rental side tenant-ready. Updates included a refreshed bathroom, new bedroom flooring, painted and updated cabinets, new appliances, and simplified landscaping with hardscaping for easy maintenance.

Fast forward two years, we began a full-scale renovation (approx. $150K) to reposition the property for the long term. We installed a new truss system to allow proper attic space for ductwork, added a metal roof, replaced drywall

What was the outcome?

Our first rental was a medium-term tenant through Furnished Finder, which brought in $2,100/month for 7–8 months on a furnished lease. After they moved out, we shifted to a long-term rental strategy to reduce turnover, renting the unit for $1,700/month as the season slowed down. Once our current renovations are complete, we’re aiming to increase rents to around $1,900/month, reflecting the upgraded condition and strong demand in the area.

Lessons learned? Challenges?

This project came with many lessons. We lost money along the way due to how the renovations were managed—coordinating multiple moving parts was challenging, and costs added up quickly. Moving forward, I’d prefer to complete major work upfront at the time of purchase to avoid drawn-out timelines. That said, you never know what you don’t know, and this property has been an incredible teacher. I’ve gained a much deeper understanding of construction, functionality, and true project costs, which will

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No agent and didn't love our lender, unfortunately, just realized that too late.