2004 Built House in Babson Park 3rd Ave. Babson Park, FL. 33827
Update along with reduction: Lot 6 & 7 have been combined as of November 12, 2019. Further updates below in Bold
This is an off-market flip or buy & hold opportunity with substantial equity that requires a full rehab. You’ll appreciate features such as 2 story building, almost half an acre of land (0.46 Acres, which includes lot 6 and lot 7) and it was built in 2004.
Rehab includes new kitchen, new bathrooms, a few new windows, new flooring, new plumbing, new electrical wiring, new central A/C and duct work, drywall throughout interior paint, & landscaping.
Comps are attached in the pics. Average Rent is about $1,600/month and we feel that $165k ARV is a fair estimate.
*NOTE: Per Seller, this house was somehow built without a permit. In order to resolve this issue, buyer will have to combine lot 6 and lot 7 into one parcel. (The request to combine both parcels has been completed on 11/12/2019 and confirmed as of 11/13/2019 on the Polk County Property Appraiser office website, email attached. Parcel 28-30-33-956400-000060 will continue as the active parcel number.) Once the parcels are combined a Florida Licensed contractor will have to pull permit with detailed, sealed plans for house certifying as a new build. Current impact fees for a SFR are $8,419.00 they will go up on January 1, 2020 to $10,425.00. Impact fees for a SFR in the amount of $10,425.00 will be due at such time. In order to pay current impact fees a complete application including plans will have to be submitted to Polk County Building Division – Permit Services Supervisor before December 31, 2019 the permit must be issued within 6 months of application submittal and a C.O. issued within 24 months of permit issuance date. There is also an outstanding lien on the property which Seller has already negotiated to be discounted to 3k. Although this is a wholesale purchase and buyer is still expected to pay for all closing costs, Seller has opted to provide the future buyer with a seller concession/credit at closing of $10,000 at the reduced price of $79,900, which helps pay for most of the impact fees and lien.