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Beachside Flip Well Below 70% ARV



$174,900

FOR SALE

36 Benjamin Dr

Ormond Beach, FL

  • CBS house in great location between the Intracoastal Waterway and the beach!
  • Needs standard updating inside as well as roof and A/C.
  • This house has great comps, with some even being outdated and traditional, selling from $260-270k, however they are all 3/2's. Therefore to reach the best resale value, an additional bathroom should be added.
  • Analysis of Comps:
    ~ Actives:
    1)27 Marvin Road is listed as a 3/2, but is only a 2/2 on the property appraiser and has about 300 less square footage than our subject property. This house is a beautiful rehab and is asking $285,900.
    2)137 Marvin Road is a 3/2 with nearly identical living and total square footage. They're asking only $232,900 because despite being in good condition, the only new thing in the property are the kitchen appliances. On top of being very dated, each room has a different style flooring as well.
    ~ Closed Sales:
    3)85 Loyola Dr is a 3/2 that sold for $270,000. It was a really nice, albeit traditional rehab with an extra garage that gives it about 250 total more square footage than our subject property.
    4)45 Loyola Dr is a 3/2 that sold for $260,000. It was a very nice and modern rehab with an oversized patio that gives it a lot of total square footage. However, our subject's living area is only 200 sq ft less.
    5)824 Marvin Rd is only a 2/2 with nearly identical living and total square footage. Despite being very outdated, it sold for $246,000.
    6)50 Benjamin Dr is the BEST COMP. It is a 3/2 only two doors down with nearly the same square footage that sold for $266,000. It does not appear to have been renovated as the house is very traditional inside, but it was well kept and had a pool.
    7)195 Benjamin Dr was listed as a 4/2, but it shows as a 3/1.5 on the property appraiser. With more than 200 sqft less living area, nearly 500 less total square footage, and a beautiful modern renovation, this deal sold for $310,000!
  • We always see properties being described having "good bones," but this deal genuinely does have good bones. Although the property was actually built in 1950, the property appraiser has given it an effective year built of 1979. That 29 year difference is the best I've ever seen, as it's usually a difference of 5 or less years.

Documents

 

  • Sale Comps $260K - $270K
  • Rental Comps $1,200 - $1,300
  • Property Type Residential
  • Location Ormond Beach, FL
  • Size 2248 sq. ft.
  • Bedrooms 3
  • Bathrooms 1
  • TAV 147.1K
  • Annual Taxes $1,327
  • Year Built 1950

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