Value-Add Lakefront 4/2 in Interlachen

This 4-bedroom, 2-bathroom single-family home is located directly on Grandin Lake in Interlachen (32148). Built in 1997, the property features 1,824 sq. ft. of living area (per owner) and sits on a 17,424 sq. ft. (0.4-acre) lot with 160+ feet of lake frontage. Offered at $295,000, the property requires a full cosmetic rehab but presents a clear value-add opportunity due to its larger footprint, dock access, and detached entertainment building.

House Assets

• Waterfront: 160+ ft of direct lake frontage on Grandin Lake (400+ acres, fully recreational) with an existing private dock.
• Bonus Structure: Detached entertaining building with built-in bar, pool table, and separate deck with fire pit — a premium differentiator in this market.
• Roof & HVAC: Metal roof and Carrier 3-ton HVAC both replaced approximately 2021 — no near-term capital replacement expected on either system.
• Exterior: Hardi plank siding. 1,440 SF wraparound deck facing the lake.
• Layout: 4-bedroom floorplan provides a distinct size and bedroom-count advantage over the predominant 2- and 3-bedroom comps on the lake.

Repairs Needed (Estimate)

• Cosmetic Update: Full interior modernization required — flooring (LVP recommended for lake traffic), interior paint, drywall repair, and updated fixtures throughout.
• Kitchen & Bath: Gut and update the kitchen (cabinets, stone counters, fixtures) and both bathrooms. Primary bath modernization is essential for top ARV.
• Outdoor / Exterior: Power washing, deck and dock board replacement as needed, landscaping. Detached entertainment building requires cosmetic finishing to present as a premium selling feature.
• Systems Check: Full inspection required for plumbing, electrical, and water heater. Roof and HVAC replacements circa 2021 should be verified and permits confirmed with Putnam County (parcel 26-09-24-4076-0580-0400, Building Dept: 386-329-0307). Well and septic inspection recommended.

🟣 Comparable Sales

1. 806 Lake Shore Ter – 3/2 | 1,748 sf | Sold $389,900 ($223/sf) on 06/14/2024 | 1960 Built | Condition: Updated/Remodeled — new roof & HVAC, kitchen island, updated baths, dock on Grandin Lake system
2. 764 Lake Shore Ter – 2/2 | 1,184 sf | Sold $330,000 ($279/sf) | 1964 Built | Condition: Remodeled, smaller footprint
3. 848 Lake Shore Ter – –/– | 1,959 sf | Est. Value ~$335,750 ($171/sf) | 1980 Built | Condition: Public record baseline — larger SF, dated build
4. 832 Lake Shore Ter – 3/1 | 1,331 sf | Active $274,900 ($207/sf) | 1949 Built | Condition: Dated, limited by single-bath layout; 143+ days on market — sets the floor
5. 132 Silver Lake Dr – –/– | 1,549 sf | Est. Value ~$340,180 ($220/sf) | 2019 Built | Condition: Newer build baseline

🟡 ARV & Rental Analysis

The retail ceiling in this pocket is driven by square footage, condition, and water access. The June 2024 sale of 806 Lake Shore Ter at $389,900 — a smaller, updated 3/2 on the same Grandin Lake system — is the most relevant closed comp and establishes the remodeled benchmark for the market.

At 1,824 sq. ft. with a 4/2 layout, direct lake frontage, a private dock, and a detached entertainment building, the subject property has measurable advantages over that comp. A clean, mid-grade lake-style cosmetic rehab — with attention to the kitchen, baths, and outdoor presentation — supports an exit in the mid-to-upper $400s. Pricing above $430K extends marketing time in this low-volume rural market; $400K-$430K is the realistic retail target on a 60–90 day timeline.

• Estimated ARV: $400,000 – $430,000 +/-

• Projected Rent (Long-Term): $2,100 – $2,500/mo +/-

Note on Income: Short-term rental (Airbnb/VRBO) gross revenue potential is meaningfully higher here due to the lakefront location, dock, and detached entertainment building. A lakefront 4BR with these amenities in this area can realistically target $1,500-$2,200/week in season.