1923 SW 23RD St, Miami, Fl 33145

$795,000
Area (Sq Ft)
3500
Rooms
8
Bedrooms
5
Bathrooms
3.5

Description

This is a gorgeous 1920’s Merrick Era Coral Rock Dutch Colonial Style home located in the sought after area of Shenandoah in Miami due to its proximity to Downtown, Brickell, Coral Gables and Miami Beach.

This property was acquired with substantial roof damage due to a tree which fell off in top of the house during Hurricane Irma and for which the property was classified as an unsafe structure. Due to this damage and major updating and renovations needed to the property we were able to negotiate a very reasonable price for the seller to move on and purchase a more suitable property for her and for our investor to profit by renting the property via Airbnb as a vacation rental.

Recently, the investor decided to purchase another property and placed this one for sale using a 1031 Exchange or tax deferred method which allows them to allocated 100% of the profit from the sale of this transaction into a new property we purchased in the Hollywood Beach area.

Purchase price Renovation Cost Time Gross Profit
$460,0000 $180,000 6 months $155,375

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