St Pete – Palmetto Park 2/2 Rehab

Built in 1958, this 1,064 sq. ft. frame single-family home sits on a 3,711 sq. ft. lot in the East Roselawn / Palmetto Park pocket of St. Petersburg. The home is configured as a 2 bed / 2 bath and is offered vacant at closing with appointment-only access. The property needs a full interior renovation plus major system attention, including roof replacement, HVAC conversion from wall/window units, plumbing repairs, and subfloor correction. Permit history supports a 2013 roof permit and a 2004 minor plumbing permit, with no recent central HVAC permit located. The water heater is newer from 2022. The strongest resale path is a clean, modern 2/2 finish with new roof, central HVAC, repaired subfloors, updated kitchen/baths, and a crisp exterior package.

House Assets:

• 2-bedroom / 2-bath layout. The second bathroom is a major advantage over the many nearby 2/1 and 3/1 homes.
• Palmetto Park / Warehouse Arts location. The area has strong investor activity, nearby new construction, and growing demand tied to the Warehouse Arts District, Grand Central, Pinellas Trail access, and downtown St. Pete proximity.
• Non-flood profile. Flood risk is minimal per public property data, which is a strong selling point in St. Petersburg.
• Vacant at closing. Clean handoff for immediate construction scheduling.
• Existing 2-bath utility. No need to force a second bath to reach the best resale profile; the project is more about systems, layout cleanup, and finish quality.

Repairs Needed (Estimated):

• Roof: Last known roof permit is from 2013, and replacement should be budgeted for retail resale.
• HVAC: Current setup relies on wall/window units. Convert to central air or high-quality mini-split system depending layout and resale target.
• Plumbing: Repair active plumbing issues, verify drain lines, supply lines, fixtures, and tie-ins; water heater appears newer from 2022.
• Subfloor repairs: Address soft/damaged subfloor areas before flooring install.
• Kitchen: Full update with shaker cabinets, stone counters, appliances, sink/faucet, lighting, and backsplash.
• Bathrooms: Renovate both baths with new vanities, toilets, fixtures, tile/tub/shower surrounds, fans, and waterproofing.
• Flooring: Install LVP or durable flooring throughout after subfloor repair.
• Interior drywall/paint/trim: Patch ceilings/walls, paint, replace trim/doors/hardware, and update fixtures.
• Electrical: Inspect panel, outlets, switches, exterior wiring, and HVAC/kitchen/bath loads. Budget.
• Exterior/curb appeal: Address siding/trim, exterior paint, windows/doors as needed, landscaping, and cleanup.

🟣 Comparable Sales

1. 2835 Freemont Ter S | 2/2 | 1,316 SF | $328,000 Closed Apr 2026 ($249/SF). Best direct 2/2 resale anchor. Updated home with newer roof, windows, baths, flooring, water heater, and HVAC replaced in 2021. Larger than the subject but same bed/bath count and close to the Warehouse Arts / Palmetto Park pocket.
2. 3531 6th Ave S | 3/2 | 1,035 SF | $298,000 Closed Apr 2026 ($288/SF). Similar size with superior 3-bedroom utility and new AC. Useful lower/mid support for updated small homes, though it is west of the subject and not as strong as the Palmetto Park/Warehouse Arts comps.
3. 3151 6th Ave S | 3/2 | 1,244 SF | $392,000 Closed Sep 2025 ($315/SF). Renovated block home with new roof, impact windows/doors, modern kitchen, updated baths, and no flood insurance requirement. Superior construction, bedroom count, and finish, so this is a ceiling/reference comp rather than a direct target.
4. 2935 Emerson Ave S | 2/1 | 1,018 SF | $300,000 Closed Nov 2023 ($295/SF). Older sale but extremely close and fully renovated. Inferior bath count but helpful neighborhood proof that updated small homes on Emerson can trade around the $300K mark.
5. 2950 2nd Ave S | 3/2 | 1,083 SF | $510,000 Closed Nov 2025 ($471/SF). Not a direct comp because it included a detached permitted guest studio and major utility upgrades. Useful only as a high-end location/ADU upside reference.
6. 2725 4th Ave S | 3/2 | 1,684 SF | $225,000 Closed Mar 2026 ($134/SF). As-is rental/investor sale with newer A/C and ductwork. Establishes a nearby floor for non-retail condition rather than ARV.

🟡 ARV & Rental Analysis

This is a real flip opportunity, but the correct ARV needs to stay disciplined. The subject benefits from the 2/2 layout, non-flood profile, and Palmetto Park/Warehouse Arts location, but it is still a frame home on a small lot with major systems to address. The best direct renovated 2/2 anchor is 2835 Freemont Ter S at $328,000. Larger, block, or superior 3-bedroom homes can push into the high $300Ks, but those should not be used as the base case for this property. A clean full renovation with new roof, central HVAC, repaired subfloors, updated plumbing, and modern finishes should support a low-to-mid $300Ks resale.

Estimated ARV: $335,000 to $355,000 +/-

Projected Rent: $2,200 to $2,500/mo +/-