just checked for comps in that area. there are no hprs within a 2 mile radius of your property on collier. There are new builds however they are only one structure, and at 100k purchase price that really doesn't make sense. Would it be a good rental?
I also checked rehab comps, you're looking at sub 150k for that property if the tax card is correct in the sqft and beds/baths
Hey guys--- trying to follow along, but don't understand how this fits in with Horizontal Property Regime?
Other question-- if it's only on .17 acre and the OR20 allows up to 20 units per acre, what can you do with it? From what I can see its a 2br/1ba home?
A quick glance at padmapper shows no 2/1 SFRs for rent in that area, just condos and apartments for about $900 per month.
Sorry if I am showing my ignorance here -- just trying to learn.
Or20 = 20 units per acre so 0.17 acres allows for 3 units. You may have to file an appeal to the zoning board for a 4th unit. Question: Is the dirt worth $100K?
@Damien Shoemake@Devan Mcclish I'm about 5 years late to this thread, but I've got a meeting with a seller for a property in Madison that's OR20 on .14 acres (which is technically 2.8 units, so I'm not sure if that equals 3 or 2). As a 3/1 (1340 sf) house...it's ARV is ~$160-$170, but it will likely need rehab work and so it's tight for where I'm getting it under contract. Am I missing a huge gem here in that the play for this would be to a developer to scrap it who can utilize the zoning? I think a straight wholesale deal would be very little profit if any, and selling it retail without doing repairs is slightly better, but my stress and risk go way up. Thanks for the thoughts!