3/2 on .7 Acre Lot In Edgewater – Great Potential Returns

This 3-bedroom, 2-bathroom single-family block-on-slab home is located in Edgewater, FL (32132) on a massive 0.77-acre lot (~33,600 sq ft). This is a rare parcel size for the area, where standard lots are typically a third of this size. Built in 1976, the property features 1,764 sq ft of living area under air, with an additional “middle area” currently under roof that is not yet climate-controlled. Closing in this space would bring the total living area to 2,181 sq ft, significantly increasing the retail valuation. The home is located in Flood Zone X, meaning no mandatory flood insurance—a major selling point for Florida buyers. The primary systems are functional: the roof was replaced in 2017, and the electrical/AC were updated in 2011. The standout feature is the lot’s dimensions (105′ x 320′). Under Edgewater’s R-2 zoning (80′ width min), a single lot split is highly viable, allowing an investor to carve off a buildable ~13,000+ sq ft lot while maintaining a spacious 20,000+ sq ft lot for the primary residence. Access is by appointment only.

Repairs Needed (estimate)

• Systems Update: Budget for full AC replacement and electrical panel servicing. Both are 15 years old and need to be modernized for retail insurance standards.
• Square Footage Expansion: Potential to frame, insulate, and run HVAC to the “middle area” to capture the full 2,181 sq ft living area valuation.
• Kitchen & Baths: Full modernization required: cabinets, quartz countertops, stainless appliances, and full tile/fixture updates in both baths.
• Interior Finishes: New flooring throughout, full interior paint, new doors, and lighting fixtures.
• Exterior & Lot: Significant professional clearing and landscaping is required. To achieve the “Estate” ARV, the lot must be meticulously manicured.

🟣 Comparable Sales

1. 1010 Fernald St – 3/2 | 1,885 sf | Sold $370,000 ($196/sf) | 1968 Built | Condition: Closed/Renovated (Anchor ARV comp; confirms appetite for updated homes at this price point).
2. 125 Orange Ave – 3/3 | 1,827 sf | Sold $385,000 ($210/sf) | 1993 Built | Condition: Closed/Renovated (High-end finish comp; similar square footage to subject).
3. 1319 Orange Tree Dr – 3/3 | 2,052 sf | Sold $360,000 ($175/sf) | 1990 Built | Condition: Closed/Average (Confirms the value of the 2,000+ sf floor plan, even without a full renovation or oversized lot).
4. 1020 Ruth Dr – 0.29 Ac Lot | Active $115,000 | Condition: Vacant Land (Confirms that the subdivided buildable lot on this property could realistically fetch $85k–$100k).

💰 ARV & Rental Analysis

At the current 1,764 sf, a standard high-end renovation positions this home at $340,000. However, by capturing the additional square footage (2,181 sf) and leveraging the rare Flood Zone X acreage, the ceiling pushes significantly higher. The real “home run” is the lot split; current land comps in the $100k range suggest that carving off an 80′ wide buildable parcel would allow you to recoup a massive portion of your initial investment while still holding a renovated asset on over a half-acre.

Estimated ARV (1,764 sf): $335,000 – $355,000 +/-

Estimated ARV (2,181 sf + Lot Split): $440,000 – $465,000 (Combined value of house + new lot)

Projected Rent: $2,200 – $2,400/mo +/-