2003 Built 4/2 on Nearly Half-Acre in St. Augustine

This spacious 4-room (3 bedrooms + 1 bonus room), 2-bathroom home sits on a massive 0.48-acre lot in St. Augustine. Built in 2003, the property has 1,782 sq. ft. of living space, making it larger than the surrounding new construction on much smaller lots. The home features a screened-in back patio and front porch but requires a full rehab, including mold remediation and major systems replacement. Utilities are city water and a septic system (last pumped 5 years ago); the plumbing is PVC and electrical is 200 Amps/copper.

🛠️ Rehab Scope (Estimated)

• Mold Remediation: Professional remediation required throughout the property.
• Roof & HVAC: Replacement of the original 2003 roof and 2003 HVAC system.
• Interior Overhaul: Full gut renovation of the kitchen and both bathrooms; installation of new flooring and fixtures throughout
• Cosmetics: Fresh interior/exterior paint and drywall repairs following remediation.
• Exterior: Landscaping cleanup to maximize the value of the 0.48-acre lot; screen repair for porches.

🟣 Comparable Sales

1. 461 S Nassau St – 3/2 | 1,078 sf | Sold $270,000 ($250/sf) | 2007 Built | 4,792 sqft Lot
2. 1058 Collier Blvd – 3/2 | 1,094 sf | Pending $265,000 ($242/sf) | 2006 Built | 5,227 sqft Lot
3. 748 W 5th St – 3/2 | 1,008 sf | Sold $225,000 ($223/sf) | 1952 Built | 4,356 sqft Lot
4. 833 W 15th St – 3/2 | 990 sf | Sold $220,000 ($222/sf) | 2001 Built | 8,712 sqft Lot
5. 925 Cooper St – 3/2 | 1,078 sf | Sold $220,000 ($204/sf) | 2008 Built | 3,485 sqft Lot
6. 461 S Nassau St – 3/2 | 1,078 sf | Sold $270,000 ($250/sf) | 2007 Built | 4,792 sqft Lot
7. 1058 Collier Blvd – 3/2 | 1,094 sf | Pending $265,000 ($242/sf) | 2006 Built | 5,227 sqft Lot
8. 748 W 5th St – 3/2 | 1,008 sf | Sold $225,000 ($223/sf) | 1952 Built | 4,356 sqft Lot
9. 833 W 15th St – 3/2 | 990 sf | Sold $220,000 ($222/sf) | 2001 Built | 8,712 sqft Lot
10. 925 Cooper St – 3/2 | 1,078 sf | Sold $220,000 ($204/sf) | 2008 Built | 3,485 sqft Lot

💰 ARV Analysis

The immediate comparable sales present a challenge as they are all significantly smaller (~1,000 sq. ft.) and sit on standard small lots, yet they are still selling between $220k and $270k ($220–$250/sf). The subject property is a unicorn for the area: it is nearly double the square footage (1,782 sq. ft.) and sits on a 0.48-acre lot that dwarfs the competition. Adjusting for size while adding a premium for the oversized lot:

Estimated ARV: $365,000 – $395,000 +/- Projected Rent: $2,000 – $2,200/mo