Miami Little River deal analysis
I would really appreciate feedback on this deal.
SFR, 1939 sq ft, 7400sq ft lot
Currently a 2/2, I plan to convert to a 3/1 plus efficiency.
Located off 79th St just West of N Miami Ave.
I currently have it under contract for 89k.
I would particularly like to hear from other members in Miami.
Location: Little River
The realtor said its a rough neighborhood.
It's central to transport and shops.
Little River is said to be the next place to boom.
Repairs:
All the flooring throughout is beautiful.
It needs to be repainted on the inside and outside.
The roof is leaking but I think it only requires a repair, not replacement.
1 bathroom needs to be replaced as it's very outdated.
The garage has been sealed off and I plan to convert to a bedroom
There is a back room which was added to the property which has a bathroom. I plan to add a kitchenette and door to turn it into an efficiency.
All the repair work would cost around $20,000.
Rent Estimate
The 3 bedroom house would rent for $1400 and the efficiency for about $500.