Pensacola Flip with Good Margins

Built in 1956, this 2-story brick home sits on an 11,587 sq. ft. lot (0.27 acres) in West Pensacola’s Myrtle Grove corridor, approximately 3 miles from the back gate of NAS Pensacola. Property is 2,362 sq. ft., 2 bed / 2 bath with a 2-car garage. The layout supports a converting to a 3/2 or 4/2, which is the best, value-add and the difference between a $265K and a $315K arv. The home needs a full renovation throughout: kitchen, baths, flooring, all major systems.

🛠️ Repairs Needed (Estimated)

• Roof and HVAC.
• Electrical and plumbing
• Kitchen & Baths
• Flooring and paint
• Interior Paint & Trim: Full interior repaint, ceilings, trim, doors.
• Windows
• Bedroom Conversion (3/2 or 4/2): Non-structural wall work, closet build-out, permits.
• Landscaping & Exterior Cleanup

🟣 Comparable Sales

1. 821 Merlin Ter – 3/2 | 1,830 SF | Sold $325,000 ($178/SF) on 01/30/2025 | 1993 Built | Condition: Fully Renovated (Fully updated all-brick ranch with 2-car garage, new LVP, marble counters, fresh paint throughout — primary renovated ceiling for 3/2 brick with garage in 32506)
2. 342 Petherton Pl – 3/2 | 1,765 SF | Sold $269,000 ($152/SF) on 12/09/2024 | 32506 | Condition: Updated (Not a full renovation — establishes mid-tier ceiling for 3/2 product that is not fully turnkey)
3. 1924 Gulf Bay Ln – 3/2 | 1,720 SF | Sold $267,500 ($156/SF) on 03/26/2025 | 1997 Built | Condition: Standard (62 DOM, sold 4% below list — confirms $260K to $275K range for non-premium 3/2 product in 32506)
4. 724 N 46th Ave – 4/2 | 2,040 SF | Active/Contract $248,000 ($122/SF) on 02/18/2026 | 1959 Built | Condition: As-Is (0.44 mi NE; foreclosure judgment, sold as-is; best size-matched distressed comp — establishes the unrenovated ceiling for larger vintage brick product in this corridor)
5. 5500 Lynwood Rd – —/2 | 1,845 SF | Sold $215,000 ($117/SF) on 02/09/2026 | 1952 Built | Condition: As-Is (0.24 mi W; wood/siding, slab foundation — inferior construction type to subject’s brick; establishes the distressed floor)
6. 9 Janet St – —/1 | 1,725 SF | Sold $210,000 ($122/SF) on 02/20/2026 | 1955 Built | Condition: As-Is (0.37 mi W; block construction with finished basement, carport — as-is distressed baseline for vintage 32506 product)

💰 ARV & Rental Analysis

Estimated ARV (2/2 renovated): $245,000 to $265,000 +/-

Estimated ARV (3/2 conversion, fully renovated): $295,000 to $315,000 +/-

Projected Rent (renovated 3/2, ~1,940 SF, annual unfurnished): $1,850 to $2,100/mo +/-