St Pete – North Kenwood Bungalow + Detached Efficiency

Built in 1928, this 1,394 sq. ft. St. Petersburg bungalow sits on a 5,715 sq. ft. lot in the highly desirable North Kenwood / Historic Kenwood corridor. The property is configured as a 3 bed / 2 bath main home with a detached efficiency/flex space in the converted garage. The home is vacant, title is free and clear, no HOA, survey is available, and access is by appointment. Major systems are largely taken care of, with a 2020 roof and a working 2015 central AC system. The property needs cosmetic renovation, including flooring, paint, kitchen updating, bath/efficiency cleanup, exterior curb appeal, and due diligence on the detached efficiency and converted garage status.

House Assets:

• North Kenwood location. Strong St. Pete bungalow pocket known for 1920s character, brick-street charm nearby, and proximity to Historic Kenwood, Grand Central, downtown St. Pete, and the Edge District.
• Detached efficiency/flex space. The converted garage creates a valuable second living area for guests, office/studio use, house-hacking, or rental upside if legally supportable.
• 2020 roof. A newer roof is a major advantage in St. Pete and removes one of the largest retail-buyer insurance concerns.
• Working central AC. The 2015 system is reported to be working well and should reduce immediate cap-ex if inspection confirms condition.
• Vacant and free and clear. Clean acquisition profile with immediate access for renovation planning.
• Survey available. Saves time during due diligence and helps evaluate the detached structure, setbacks, and conversion questions.
• No HOA. Better flexibility for owner occupants, investors, and rental strategies.

Repairs Needed (Estimate):

• Flooring: Replace worn/mismatched flooring and unify the main home and efficiency with LVP or refinishable surfaces where practical.
• Interior paint/trim/fixtures: Full interior paint, minor drywall/plaster patching, trim touchups, doors/hardware, lighting, and finish details.
• Kitchen: Update dated kitchen with shaker cabinets or cabinet refresh, stone counters, appliances, sink/faucet, lighting, and backsplash.
• Bathrooms: Cosmetic overhaul of the main home baths and efficiency bath as needed.
• Detached efficiency/flex unit: Refresh kitchenette/living area, improve finishes, verify electrical/plumbing/HVAC, and confirm legal use.
• Garage conversion / permit review: Verify whether converted areas and detached efficiency are permitted or need correction.
• Exterior/curb appeal: Paint/touch up exterior, pressure wash, landscape, clean rear structures, and sharpen front/rear presentation.
• HVAC/systems allowance: AC is 2015 and working, but budget for service, minor electrical/plumbing repairs, and inspection items.

🟣 Comparable Sales

1. 921 Yale St N | 4/2 | 1,220 SF | $490,000 Closed Jun 2025 ($402/SF). Best street-level comp. Next-door sale with a main house plus separate ADU/flex setup, private entrance, kitchen/living area, and advertised rental upside. This establishes a strong baseline for the subject’s exact street and use case.
2. 2705 7th Ave N | 3/2 | 1,380 SF | $520,000 Closed Feb 2026 ($377/SF). Strong size and bedroom/bath match in the Kenwood corridor. Fully updated with modern kitchen, updated bath finishes, LVP flooring, and strong retail presentation. Direct ARV anchor for the subject after a polished renovation.
3. 2342 8th Ave N | 3/2 | 1,296 SF | $550,000 Closed Feb 2026 ($424/SF). Updated Historic Kenwood home with strong character, improved HVAC/ductwork, transferable termite warranty, and premium location appeal. Strong upper support, but superior finish/location versus the subject.
4. 2710 8th Ave N | 3/2 | 1,468 SF | $620,000 Closed Apr 2026 ($422/SF). Renovated Historic Kenwood bungalow with original wood floors, quartz kitchen, updated baths, 2-car garage, and strong architectural appeal. Excellent ceiling comp, not the base case.
5. 2625 13th Ave N | 1,068 SF | $500,000 Closed Feb 2026 ($468/SF). Very close North Kenwood sale on a large 10,176 sq. ft. lot with central HVAC and block construction. Public bed/bath data is incomplete, but it supports $500K+ demand in the immediate pocket.
6. 1034 27th St N | 3/3 | 1,228 SF | $456,250 Closed Nov 2025 ($372/SF). North Kenwood bungalow with income-producing ADU/flex utility. Slightly smaller and a lower sale, but relevant because it supports buyer demand for a main home plus auxiliary living component.
7. 3178 12th Ave N | 3/2 | 1,020 SF | $395,000 Pending Apr 2026 ($387/SF). Smaller non-flood-zone 3/2 with flexible multi-zone layout and clean 4-point inspection. Pending, not closed proof, but useful lower support for flexible 3/2 utility.

🟡 ARV & Rental Analysis

The next-door sale at 921 Yale St N is the most useful comp because it validates the exact street and main-home-plus-ADU/flex concept at $490,000. The subject has more marketed living area and a newer roof, so a clean renovation should reasonably outperform that sale if the detached efficiency presents well and due diligence does not create a major permit issue. The strongest updated Kenwood comps at 2705 7th Ave N, 2342 8th Ave N, and 2710 8th Ave N show the broader ceiling for renovated 1920s/1940s bungalow product, but those homes have cleaner public presentation, superior finish, garage utility, or stronger Historic Kenwood appeal. The right underwriting target is low-to-mid $500Ks, with the detached efficiency treated as upside until legal use is verified.

Estimated ARV: $535,000 to $560,000 +/-

Projected Rent: $3,600 to $4,300/mo +/- if both spaces can be rented separately; $3,000 to $3,500/mo +/- as a single primary rental with flex space