College Park Double Lot Webster Ave., Orlando FL 32804
Buy, split the lot, and build is your game plan here! The maximum value can be gained by doing a lot split which would result in Two 50 X 140 lots. Our conversations with Orange County zoning and the permitting department lead us to believe that this will be a simple process as nearby lots have undergone this process. Application for this process can be done on or before August 2, 2019 to get the process underway.
The house immediately next door to this home is a current new build (still under construction), the house next to it is getting underway to be demolished and new building started. Two houses immediately across the street are recent new builds, see the comps . Values of the home range from high $700K’s to close to 1 million. You would be paying 205k per lot. 3,000 sf house to be built at 110/sf and 40k for a pool, puts you all in at 575k, roughly. With an anticipated ARV of $775k, you should anticipate a return of just under 400k.
Currently there are tenants (elderly couple) in the home, their lease expires at the end of August 2019. They are currently paying rent of $2,200 per month and would love to stay there longer if possible. This could be a great way of keeping the property income producing while working on the lot split (if that’s your goal). This deal will be closing with the tenants in place until their lease expires or unless the new buyer wants to extend their lease even if its month to month. DO NOT DISTURB the tenants!