Value-Add CBS Fixer in Orlando (32811) – Solid Equity Spread

This 5-bedroom, 4-bathroom single-family block home is located in the 32811 zip code of Orlando. Built in 1971, the property features 1,460 sq ft of living area on a concrete slab. No pool. The seller enclosed the carport into a bedroom/bathroom and also enclosed the back patio — the carport conversion carries an existing code violation that transfers with the sale. Buyer must either pull a permit to legalize the conversion or convert it back to a functional carport. The property has been a long-term rental and requires a full cosmetic rehab, new roof, and HVAC replacement. Similar renovated homes in the immediate radius are consistently clearing $245–$255/sf, with top-end 4/2 flips pushing above $300K.

Repairs Needed (Estimate)

• Code Violation Resolution: Either pull permits to legalize the carport-to-bedroom conversion (recommended to preserve the 4-bed count and hit top-end comps) or convert back to an open carport. Factor permit, inspection, and potential corrective framing/electrical costs.
• Mechanicals: Full roof replacement required. HVAC dated — plan on full replacement.
• Inspect CPVC/copper plumbing and electrical panel to confirm they meet current code for a retail buyer.
• Interior Modernization: Full cosmetic overhaul – drywall patching, fresh interior paint, and new flooring throughout (existing tile can stay in select areas if condition a llows, but plan full replacement for retail finish).
• Kitchen & Baths: Full retail-ready update to the kitchen and all bathrooms – new cabinets, stone counters, modern fixtures – required to hit the upper-end comps.
• Curb Appeal: Full exterior paint and professional landscaping/clearing to elevate street profile.

🟣 Comparable Sales

1. 4524 King Cole Blvd – 4/2 | 1,400 sf | Sold $318,000 ($227/sf) | Condition: Closed/Full Flip (Top-end ceiling for the corridor; demonstrates what a fully renovated 4/2 can achieve and validates the carport-conversion strategy.)
2. 4402 King Cole Blvd – 3/2 | 1,218 sf | Sold $300,000 ($246/sf) | Condition: Closed/Full Flip (Strong anchor for turn-key 3/2 product in the immediate radius.)
3. 4495 Brooke St – 3/1.5 | 1,099 sf | Pending $279,000 ($254/sf) | Condition: Pending/Full Flip (Current market momentum indicator — renovated product under contract at $254/sf.)
4. 1339 Croyle Dr – 3/2 | 1,049 sf | Sold $276,000 ($263/sf) | Condition: Closed/Full Flip (Smaller-footprint flip confirms the $260+/sf trend for fully updated product.)
5. 4835 Lanette St – 3/2 | 1,060 sf | Sold $273,000 ($258/sf) | Condition: Closed/Full Flip (Reinforces the consistent $255–$265/sf band for renovated 3/2s in this submarket.)
6. 1423 Heber Cir – 4/1 | Sold $265,000 | Condition: Closed/Partial Update (Sets the floor — updated but not fully flipped 4-bed still clearing $265K, supporting the subject’s upside on a full renovation.)

Renovated CBS homes in this immediate submarket are consistently clearing $245–$265/sf, with top-end 4/2 flips pushing to $318K. At 1,460 sf, the subject property sits at the upper end of the comp range in square footage, which supports stronger total dollar value rather than peak $/sf. A full retail renovation — roof, HVAC, kitchen, baths, flooring, exterior — combined with legalizing the carport conversion to hold the 4-bedroom count positions this property to compete directly with the King Cole Blvd ceiling. The 32811 zip code maintains steady rental demand, with updated 4-bedroom single-family homes generating reliable monthly cash flow from working tenants proximate to downtown Orlando, major employment corridors, and I-4/SR-408 access.

Estimated ARV (legalized 4/2 full flip): $310,000 – $325,000 +/-
Estimated ARV (reverted to 3/2 full flip): $285,000 – $300,000 +/-
Projected Rent (4/2 renovated): $2,100 – $2,300/mo +/-