Block 3/2 in Indian Lake Estates on .6 Acres

This 3-bedroom, 2-bathroom single-family home is located in Indian Lake Estates (33855) on a 0.6-acre corner lot. Built with concrete block, the property has 1,160 sq. ft. of living area, city water, and a septic system. The property is vacant, has clear title, and operates within an HOA ($1,700/yr) offering an 18-hole golf course, 9-hole par-3 course, lake access, marina, and clubhouse. The house requires a full cosmetic rehab and heavy trash-out. The water heater, PVC pipes, and electrical systems are reported functional.

Repairs Needed (estimate)

• Cosmetic Update: Full interior trash-out and modernization required, including new flooring, drywall repair, paint, and fixtures to reach max retail value.
• Kitchen & Bath: Complete gut and update of the kitchen and both bathrooms to compete with the comparable sales in the area.
• Layout: Frame and install a closet in the 3rd bedroom to meet official bedroom requirements.
• Systems Check: Roof replacement required. HVAC unit (2016) requires service after 4+ years of inactivity.
• Exterior: Pressure washing and landscaping clean-up.

🟣 Comparable Sales

1. 3601 Camellia Dr – 2/2 | 1,100 sf | Sold $225,000 ($204/sf) on 05/27/2025 | 1958 Built | Condition: Standard/Updated
2. 2330 Park Ave – 2/2 | 1,104 sf | Sold $260,000 ($236/sf) on 06/03/2025 | 1990 Built | Condition: Rehabbed (Includes pool premium; adjusted)
3. 6261 Red Grange Blvd – 2/1 | 1,040 sf | Sold $200,000 ($192/sf) on 10/03/2025 | 1975 Built | Condition: Fully renovated (New kitchen, roof, exterior paint)

💰 ARV & Rental Analysis

Factoring in current market conditions with increased days on market and slower absorption rates, a conservative valuation approach is required. The baseline comparable is 3601 Camellia Dr, a 2-bedroom, 2-bathroom home of a smaller size (1,100 sq. ft.) that sold for $225,000 ($204/sf). The sale of 6261 Red Grange Blvd for $200,000 supports a strong floor, even with an inferior 1-bathroom layout. While 2330 Park Ave establishes a $260k ceiling for 2-bedroom homes with pools, the subject property requires a downward adjustment for the lack of a pool, offset by the addition of the 3rd bedroom closet. Valuing the 1,160 sq. ft. 3/2 layout conservatively to account for current inventory movement supports an exit value in the lower-to-mid $200s.

Estimated ARV: $225,000 – $235,000 +/-

Projected Rent: $1,600 – $1,800/mo +/-