Off-Market Flip in South Florida Arcadia Dr. Miramar, FL. 33023
This is an off-market 2/2 flip in South Florida. The property features block construction and a 1-car garage. It is in close proximity to the turnpike, its just 15 minutes to the Hard Rock Hotel and Casino and is only 8 miles to the Atlantic.
The property is currently occupied by the previous owner. The current occupant deeded the property to the new owner and has yet to vacate. Occupant is in the process of being evicted for Unlawful Detainer and Conversion (aka: theft). Estimated timeline is 3-4 weeks till the property is vacant. A Loan was misplaced against the property given the fact that she was not the owner of the property at the time of issuance and that is being worked in order to have the bank lien removed. Closing is set to happen 15 days or so after the bank lien situation is resolved so we can deliver clear and insurable title. They are expecting around mid July.
There are city liens (aprox $200K) that have already been negotiated and have written confirmation from the city, such will come out from the seller proceeds at closing. Most of the violations have been corrected. As for the remaining violations, the city has said that they are to be corrected in a “timely manner” after closing. They are basically items that would be corrected when renovating the property anyways. A copy of the violations and the corrections is in the pics.
The last time seller was in was 2018. But based on conversations with seller, the occupant updated cabinets and always liked nice living so he’s assuming the condition is good inside. However, that is clearly just speculation. In regards to rehab, I would just assume it will need a full rehab including roof, AC and landscaping. There was a full kitchen update a few years back so it could be in good condition.
With that said, there are no pics of the property and will have to be sold sight unseen. They are anticipating that the tenant will be evicted in 3-4 weeks and the bank lien situation will be resolved around mid July. Due to this we are selling this at a purchase price below market value.
Looking at just the numbers this is a solid deal. There are plenty of 2-bed comps that sold in the immediate area. Renovated comps have sold at 235/SQFT on the low end but the majority are in the 245-248/SQFT range. This is a great investment for someone willing to have the patience to let these issues come to their resolution.