Canal Front Flip on Lake Apopka Killarney Cove Dr. Winter Garden, FL. 34787
Showing scheduled for Wednesday 6/17 @ 12:30 – Please RSVP
This opportunity is definition of diamond in the rough. The property is located in Winter Garden, just South of Clermont, and sits on a canal and over 1/2 acre lot, that connects straight into Lake Apopka. This property is going to take a little bit to wrap your head around. Coming into the street, you drive through a brand new neighborhood that is very nice. The road that the subject property sits on is not paved, and have a few other homes on it that are in need of repair. Just outside of the street, there is a nicer home on a hill. So, you definitely have a mixed bag with options.
Keeping in mind, you have a half acre lot, that appears to be able to be subdivided, where both lots would be Lakefront, we see three potential options. You could fix the property up as is and rent it out. With this option, you could work on buying up the rest of the homes on the street to totally control the area. 2nd, you can work with the city, subdivide the lot (you will need to complete due diligence to insure this is definitely possible) and build 2 spec homes. Or finally, you can fix it up and flip. It is incredibly difficult to determine the value here so I would probably hire an appraiser in this scenario.
As it sits, the house currently needs a standard rehab including kitchen, bath, floors, paint, electric panel and some landscaping. The former tenant was paying $1150/month. It has been vacant for a while and should rent for more.