One-Acre CBS Rehab in Rainbow Lakes Estates

This 2-bedroom, 1-bath CBS home offers 1,260 heated sq ft, 2,054 total sq ft and an attached 1-car garage on approximately 0.99 acre. Built in 1967, the property had the roof replaced in 2015, central HVAC installed in 2018, a 200-amp electrical panel updated in 2022 and plumbing updated in 2012. The home has well and septic service, no HOA and is located in Flood Zone X. The property is owner occupied and will be vacant at closing. The interior needs updating, while the exterior, screen room, garage and yard show deferred maintenance. Lots of nearby new construction so comping was a bit tricky.

Repairs Needed (Estimated)

• Update the kitchen and bathroom
• Address bathroom moisture damage and growth-like staining
• Install new flooring and interior paint
• Repair damaged interior doors and finishes
• Complete exterior paint, siding, soffit and fascia repairs
• Repair or replace damaged windows and exterior doors
• Repair the screen room, garage and laundry areas
• Remove overgrown vegetation, trees and exterior debris
• Repair cracked and upheaved concrete
• Service the HVAC system and address air-handler insulation and growth-like staining
• Replace the older water heater as needed
• Have the mixed copper, aluminum and cloth wiring evaluated by a licensed electrician
• Complete roof vent repairs
• Inspect and service the well and septic systems

Comparable Sales – Very Difficult to Comp

1. 2221 SW Little Cliffs Dr – 3/2, 1,200 sq ft on 0.99 acre, sold March 2025 for $205,000. The closest resale comparison with similar living area and lot size, but superior with an additional bedroom and bathroom.
2. 22851 SW Neptune Blvd – 2/1, 884 sq ft on 1.03 acres, sold April 2026 for $192,000. Smaller but well maintained, with a 2024 metal roof and 2018 HVAC system.
3. 4269 SW Freshwater Ct – 2/2, 1,222 sq ft on 0.99 acre, sold February 2026 for $225,000. Similar in size and lot area, but fully renovated with an additional bathroom, 2021 roof, 2023 HVAC and a new well.
4. 1774 SW Big Bear Ridge – 3/2, 1,237 sq ft on 0.99 acre, built in 2023 and sold March 2026 for $230,000. Nearly identical in size and lot area, but substantially superior new construction with an additional bedroom and bathroom. This sale establishes the neighborhood’s retail ceiling.

ARV & Rental Analysis

Estimated ARV: $205,000 to $215,000 +/-

Estimated Rent: $1,450 to $1,550 per month +/-