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This one is all about that rent return.  How about adding a fully updated single-family home to your rental portfolio for under $115k?   This is the best priced property in the Booker Heights area.  Features a long list of updates, and all that’s missing is the renter.  This property represents a strong rent return, in a low tax/no HOA area.  Close proximity to Florid Institute of Technology, Stone Junior High School, Melbourne Central Catholic High School, and the Indian River.  This is a strong addition to anyone’s rental portfolio. Block construction, brand new kitchen with all appliances, brand new central AC system, new bathroom vanities, tile and hardwood flooring throughout, new drywall and paint, new driveway, interior laundry hook ups,

Property is updated and rent ready immediately

Off Market Multi-Family in Melbourne! Come quick because you don’t see a lot of these multi-family opportunities come around. This property is a concrete block Quadplex built in 1952 in Melbourne, FL two blocks away from Million Dollar homes on the Indian River. Each unit is a 1 bedroom 1 bath with 598 sqft of living space and is currently occupied at rents of $450/mo each month to month status. Seller has never increased rents, buyer should turn over units and seek new tenants at market rents of $750/mo for each unit. Each unit is in very good condition, all have wall unit A/C, some can use minor touch up , such as painting cabinets, changing the hardware. One units bedroom needs ceiling on the drywall as seller did not finish after adding insulation. Each unit has 50 amp service and I had allocated $12k in repairs (Electrician’s highest estimate) to upgrade to 100 amp service. Taxes $2,800, Insurance $2,400. After Taxes, Insurance, $15k in repairs, and closing costs if you are all in at $250k, ROI with each unit brining in $750/mo is 12.32%. This will make a great addition to anyone’s portfolio, so don’t let miss out.

Comps:

• 600 Creel St – 4/4, 1,992 sqft, built in 1959 – Sold for $280k – Clean but Dated
• More comps available in the link below!

Great area just minutes to beautiful beaches. Would make a great rental or flip opportunity in Melbourne where inventory is very low, especially in this neighborhood. This property is a 2/1 with a carport conversion into a family room and a concrete addition of a Florida Room which could easily be converted to a master suite making it a 3/2. Property features a detached concrete garage in the rear, an open layout and a dining area. Electrical, plumbing, AC and roof is all in good condition. The kitchen, bathroom and flooring will all need to be updated. Interior and exterior paint must be applied. Doors should be replaced throughout and a closet to the Florida room to make a 3rd bedroom. For max retail value, a 3rd bathroom should be added.

COMPS:

• *Nothing in Melbourne available in this area – 1891 DAWN DR, MELBOURNE – 3/2 – Bought for 95k cash and sold in 2 months for 127k Cash outdated with no rehab