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Monday, November 30, 2015

721 Georgia Street, Key West - Income Property and More

The legal duplex located at 721 Georgia Street in the Meadows Area of Key West is a pert but yet unassuming two story abode waiting patiently for a new owner. I dug down into my old shoe box and found a photo of the house taken back in 1965. There was a note on the back stating that the house used be known as 1301 Petronia Street rear. I took a picture from a similar location so that readers could see how little this home has changed in fifty years. The fence is taller and more private, the Bahama shutters are gone and replaced with impact glass, but the house is still located in a very quiet location near Old Town yet not near all that noise and commotion.
The listing Realtor, not me, describes the property this way:
"Wonderful compact duplex in the Meadows. Each unit is in good condition and immediately rentable. The first floor 1 BD unit has wood floors, newly painted interior, washer and dryer, and a large wooden deck at the rear of the house. The 2nd floor 1 BD unit was owner occupied for many years and has numerous upgrades. There are tile floors, corian counter tops, dishwasher, washer and dryer, and a balcony off the rear of the unit. This home would make a great pied a terre plus income. There are impact rated windows (2010) on both units and 8' elevation."
 It looks like the duplex was renovated about twenty-five years ago. The place has been very well maintained since then. The kitchens, baths, and some of the appliances look their age. Others were replaced. The wall mounter air conditioners are much newer.  The rear decks probably need replaced and the building deserves a new paint job.
I borrowed the interior photos from the listing Realtor with her permission. I didn't take photos when I recently showed the property as I did not want to interfere with the showing. I was really "taken" by the second floor unit where the owner had lived. The furniture comes with this place if the new buyer wants it. There's a very nice almost "built-in sectional in the living room. That space is located up front just off the second floor entry area. The dining area is to the left. The bedroom is up front on the south side. The very nice bathroom is located in the middle and the kitchen is at the rear. We all had a giggle at 1980s era range.

I agree with the listing agent's suggestion that this property would make a great pied a terre. So many buyers are looking for a place they can use and also rent out for income. This is that place, only here you get annual income without interruption and if you rent it yourself and don't rely on a property manager, you won't have to give up a part of your annual income to a third party who has very little work to do.

All of the windows and glass doors are impact glass. That means your windstorm insurance will be very low. The house is located in the 8' flood elevation so flood insurance will be low. The house has been well maintained. Fire and liability insurance should also be low.

CLICK HERE to view the Key West mls datasheet and more listing photos. Then please call me, Gary Thomas, 305-766-2642 to schedule a private showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.