Clearwater Flip – 2/1 with 3/2 Conversion Possibility

This Clearwater home is currently a 2 bed, 1 bath, 1,050 sq. ft. house on a 0.28-acre lot with a 1-car garage. Roof was done in 2015 and plumbing in 2022. Property is in Flood Zone X. We think a buyer has three paths: convert the house to a 3/1, within the existing living area and keep the garage, convert the garage and push the layout to a 3 beds, 2 baths, and 1,338 sq. ft, or leave the property as it stands.  The best use case scenario is to convert the garage, and will give you the best return.  There are multiple rehabbed comps with no garages, setting a precedent.

Interior Video Walkthrough

Exterior Video Walkthrough

Repairs Needed (Estimated)

• Interior layout work for 3rd bedroom
• Garage conversion if pursuing the 3/2 plan
• Kitchen and bath updates
• Flooring, paint, trim, fixtures, doors, and interior cleanup
• Windows
• HVAC
• Exterior paint/siding touchups, soffit/fascia review, and yard cleanup
• Curb Appeal

Comparable Sales

1. 1362 Admiral Woodson Ln | 3/2 | 1,630 SF | Closed May 29, 2026 | $359,000 | $220/SF | 0.03 mi | Carport/1 space – Same-street comp, larger than the converted subject, but strong nearby support.
2. 1485 Overlea St | 3/2 | 1,340 SF | Closed Feb 6, 2026 | $330,000 | $246/SF | 0.28 mi | 1 Car Garage – Best size match to the 3/2 conversion. Turnkey condition
3. 1345 Parkwood St | 3/2 | 1,104 SF | Closed Dec 11, 2025 | $335,000 | $303/SF | 0.28 mi | No Garage – Fully remodeled smaller 3/2. Supports higher price per foot if the finish level is strong.
4. 1235 Stockton Dr | 3/2 | 1,103 SF | Closed Apr 17, 2026 | $339,000 | $307/SF | 0.37 mi | No Garage – Fully renovated smaller 3/2. Strong renovated-sale support.
5. 1430 Fairmont St | 2/1 | 1,004 SF | Closed Apr 27, 2026 | $260,000 | $259/SF | 0.36 mi | 1 Car Garage – Best support if the house stays closer to its current 2/1 footprint.

ARV & Rental Analysis

• Estimated likely ARV as a clean 2/1:  $285,000 +/-
• Estimated likely ARV as a finished 3/1 inside existing square footage: $295,000 to $320,000 +/-
• Estimated likely ARV with finished 3/2 garage conversion: $325,000 to $345,000 +/-

• Estimated Rent as 2/1: $1,850/month +/-
• Estimated Rent as finished 3/1: $2,100/month +/-
• Estimated Rent as finished 3/2: $2,300/month +/-