Winter Park 32789 CBS Ranch, 2,445 SF, 4/2.5,

Built in 1943, this 2,445 sq. ft. concrete block ranch sits on a quiet 0.22 acre lot (9,749 SF) in Fairbanks Shores. 4 bed / 2.5 bath single-story, block/brick exterior with plastered interior walls and a slab foundation. The property needs a complete top-to-bottom cosmetic and mechanical rehab: roof, AC, kitchen, both full baths plus half bath, flooring, interior and exterior paint, electrical upgrade, and landscaping. The layout is a little awkward and would benefit massively by opening it up.  No HOA. Flood Zone X.

House Assets:

• No HOA. Full rehab freedom, no ARC approval, no rental restrictions. Unincorporated Orange County so no City of Winter Park historic overlay either.
• 32789 zip code. Seller’s market at 2.39 months of inventory, 60 median DOM.
• 0.22 acre lot (9,749 SF). Above average for the subdivision. Clear room for a pool addition, which is a proven value-add in this pocket.
• Single-story ranch. No stair access issues. Cheaper and faster to rehab than two-story product. Appeals to the downsizer and young-family buyer pools simultaneously.
• Quiet interior street.

Repairs Needed (Estimate):

• Roof: Full replacement. 2,500 SF architectural shingle on a 1943 build.
• HVAC: Full system replacement (4 to 5 ton for a 2,445 SF single-story).
• Kitchen: Full gut and rebuild. Shaker cabinets, quartz, stainless appliances, sink, fixtures, backsplash.
• Bathrooms: 2 full bath gut-and-rebuilds plus a half bath refresh.
• Flooring throughout (~2,445 SF).
• Interior Paint: Full walls, ceilings, trim, doors. Plaster walls may need skim coat repairs.
• Exterior Paint: CBS block, trim, soffits, fascia.
• Layout Fix: Selectively remove non-load-bearing walls to open the kitchen to the living area.
• Electrical: 1943 original panel. Budget for 200 amp panel upgrade plus outlets, fixtures, code compliance.
• Plumbing: Budget for partial or full repipe.
• Windows: Likely original or near-original. Impact window upgrade (10 to 14 openings)
• Landscaping: Full clear, tree trimming, re-sod, new beds, curb appeal.

🟣 Comparable Sales

1. 201 Roxbury Rd | 3/2 | 1,785 SF | $470,000 Closed 12/23/25 ($263/SF). Glencoe Sub, 1927 block. Sold cash at 94% of list. Interior lot. Establishes the as-is / lightly updated floor for small-footprint product in the pocket. Subject is +660 SF, +1 bed, +0.5 bath.
2. 240 Cambridge Blvd | 3/2 | 1,768 SF | $490,000 Closed 12/30/25 ($277/SF). Glencoe Sub, 1929 block. Sold conventional at 93% of list. Interior lot, 1-car garage. Confirms the $263 to $277/SF band for older, updated small block homes in this pocket. Subject is +677 SF, +1 bed, +0.5 bath.
3. 1875 Staunton Ave | 4/2 | 2,036 SF | $560,000 Closed 01/27/26 ($275/SF). Karolina on Killarney, 1954 block/stucco, 2-story. Same bed count as subject (4). Reinforces the $275/SF level for partially updated 2,000 SF block product one mile from subject. 2-story is a mild negative adjustment vs subject’s single story.
4. 1500 Ibis Ct | 3/2.5 | 2,305 SF | $623,000 Closed within 9 months ($270/SF). Killarney area, 1957 masonry, 0.36 acre lot. Larger lot, same pocket tier. Validates the $270/SF floor for larger-footprint product at the as-is / lightly updated level.
5. 1340 Pelham Rd | 3/2 | 2,042 SF | $771,000 Closed 10/23/25 ($378/SF). Orwin Manor Westminster, 1946 single-story block, traditional style, 0.15 acre lot, interior. Fully updated condition. Highest $/SF in the comp set. Establishes the renovated ceiling for 1940s one-story block product within 1 mile. Subject’s larger SF pulls per-foot pricing slightly below this ceiling after size adjustment.
6. 2129 Fosgate Dr | 3/3 | 2,515 SF | $920,000 Closed 12/16/25 ($366/SF). Timberlane, 1957 single-story block/stucco ranch, 0.27 acre lot. Best direct stylistic and size match in the set – 70 SF larger than subject, same single-story configuration, same block construction. Updated condition. Anchors the renovated ARV ceiling for a 2,400+ SF home in this submarket. Timberlane is a slightly more prestigious pocket than Fairbanks Shores, justifying a 5 to 8 percent downward adjustment to apply this comp to subject.
7. 352 Cambridge Blvd | 3/3 | ~3,249 SF | $650,000 Pending at 3 CDOM ($200/SF). Glencoe Sub, 1952 block. Best size match in the entire set — larger than subject. Went pending in 3 days at as-is pricing. If this closes at or near list, it becomes the single best comp for a 2,400+ SF block home in the pocket and validates the as-is floor. Watch this one close – it’s the inflection point between a $650K as-is floor and a $780K+ renovated ceiling.

Active Listings Excluded from ARV (Edgewater Dr Throughway Contamination):

• 2612 Roxbury Rd – 5/3, 2,472 SF, 1957 brick, Glencoe Sub. Listed 1/1/26 at $715,000 ($289/SF). 161 days on market, 5 consecutive price cuts down to $630,000 ($255/SF) as of today, still unsold. Coordinates confirm direct Edgewater Dr proximity. Excluded – the DOM and price trajectory reflect a major-road location penalty, not a market-wide softness signal applicable to subject’s quiet interior lot.
• 2600 Euston Rd – 6/3, 3,145 SF, 1951 block, Glencoe Sub. Relisted 4/10/26 at $630,000 ($200/SF) after failing to sell at $650,000 in February. Same Edgewater Dr exposure. Excluded for the same reason.

🟡 ARV & Rental Analysis

The interior-lot comp set separates cleanly into two condition tiers. As-is / lightly updated floor: $263 to $277/SF for smaller-footprint product (Roxbury, Cambridge, Staunton, Ibis). Fully renovated ceiling: $366 to $378/SF (Pelham, Fosgate) for 1-story 1940s-1950s block product on interior lots within 1 mile.

For subject at 2,445 SF, 4/2.5, 1943 CBS, 0.22 acre, fully renovated to match the Pelham/Fosgate finish tier, apply a 5 to 8 percent downward adjustment from Fosgate (Timberlane is a slightly more prestigious pocket than Fairbanks Shores) plus a mild SF adjustment for the 37 percent size gap vs the smallest sold comps. The resulting $/SF lands in the $310 to $330 range for a highly-finished product. Subject’s 4-bed count (vs 3-bed sold comps) adds $30,000 to $40,000 of absolute premium regardless of $/SF.

Estimated ARV (mid-level renovation): $670,000 to $699,000

Estimated ARV (full luxury renovation with layout fix): $735,000 to $750,000

Conservative underwriting ARV: $699,000

Projected Rent (annual, fully renovated 4/2.5): $3,800 to $4,200/mo