$100k+ Profit Potential in West Pines on 1.5 Acres
19730 SW 12th St
Pembroke Pines, FL
This great deal is right by the West Pines Soccer Fields.
This flip has everything going for it. The property has a ton of square footage sitting on a private and secluded 1.5 acre lot that can be used agriculturally as a finca (farm). The house has a one car garage, and a fireplace as well.
The electric and A/C are both newer, and the roof appears watertight.
This CBS house has great bones, but needs complete updating inside including new bathrooms, kitchen, flooring, and paint. The exterior will need paint and some landscaping as well.
Why you need to buy this deal:
2. Great Comps
3. Actives Suggest an Upwards Trend
4. No Competition
5. It's a Money Maker!
-In Broward County, the cheapest active house sitting on more than an acre west of Flamingo Rd is this deal.
-The next cheapest on more than an acre with similar square footage is 5195 SW 163rd Ave. This property has the same bed/bath count, but is a slightly smaller lot, needs full interior updating, and is asking $579,000.
2. Great Comps:
-Figuratively speaking, the floor when evaluating the ARV using rehabbed comps is very high, sitting at $650-730k.
-In the last six months, the cheapest renovated property on an acre or more, west of Flamingo Rd, and that is similar to this subject, sold for $650,000.
-In addition, the next cheapest comparable remolded property, that also happens to be smaller, sold for $659,014.
3. Actives Suggest an Upwards Trend:
-While the cheapest rehabbed comps show that this property can sell for $650-660k, the active comps suggest the ceiling can be much higher, potentially reaching $750k.
-The cheapest rehabbed active property on more than an acre, 13401 SW 55th St, is asking $745,000.
-The next cheapest active is slightly smaller and needs a complete renovation, yet they’re asking $749,000 for that property.
4. No Competition:
-The only active in the small pocket of sought after secluded properties near this one is another 3/2, 19711 SW 13th Mnr. Although this property has a nicer paver driveway, it sits on a lot that is about 2/3 the size of our subject and it also needs a full interior renovation, yet they're asking $619,000.
5. It's a Money Maker:
Roughly $80k Profit
-5% Closing Costs and Commissions on Sale
-$420,000 Purchase Price
-$10,000 Closing Costs on Purchase =$80,000 Profit