Lakeland Flip or Flow Bayview Dr. Lakeland, FL. 33805
Lakeland is consistently popping up on national lists as one of the fastest growing municipalities in the entire country. Sizzling would be an apt description for flippers in this area. This home is a 4/2 with 2,300 sf.
The house will definitely need a new roof, ac unit, some floor-plan reconfiguration, and a complete renovation of cosmetics inside.
Arv is tough because of the size of the home. You have significantly smaller homes selling for 145,000 ish. We say 180,000 as arv but that could be a little low or a little high. Here is our synopsis:
We know the problem with the comps is that we are the biggest house in the neighborhood, but I just went through the comps with a fine-tooth comb and this is what I’m coming up with. You have 4 comps that are rehabbed.
1306 Fairbanks is 830 sf sold at 143/sf or 119,000 in 15 days
1622 Fruitwood is 1,101 sf sold at 129/sf or 143,000 in 8 days
1238 Wright is 1,126 sf sold at 128/sf or 145,000 in 3 days
1123 W 13th St is 1,326 sf and the least nice of the 4 comps. Its 1,326 sf and sold for 146k or 110/sf and sold in 55 days
Bayview is 2,300 sf and we are saying 180,000. The average sold price of the 3 larger comps is 144,600 and the average sf of those 3 is 1,184sf. So, if we use 144,000 as our base, assuming a 1,200 sf house, then we are only adding 36,000 for the additional 1,100 sf. That equals 32/sf. 99.9% of appraisers will use a minimum of $50/sf in situations like this. Using $50 /sf would put you at 199,000.
We feel we are being super super conservative with our arv projection. Not to mention that 4 of our 5 comps sold in under 20 days and 3 under 10, which tells me people will buy in this area quick.