Just Listed 630 Margaret Street, Key West. This has to be one of my favorite houses in Old Town. I love it for the simplicity in design and its super-quite location abutting Carey Lane and across the street from the Key West cemetery.
Let's get the basics out of the way. The Monroe County Property Appraiser shows the house was constructed in 1938. I checked the historic Sanborn Fire Maps and actually found the house first appeared in the 1912 map. The lot was vacant up to the 1899 map. There were numerous other house built on Margaret and Angela Street (later renamed Carey Lane. 630 Margaret St was an infill. So we know it was built sometime after 1899 and before 1912. I mention this as the house is atypical for its design as compared to other homes in Old Town which are often referred to as Conch House. It is a bungalow style home that emerged after the turn of the 20th Century.
The lot measures 29 feet wide and 72 feet deep. There is a gate at the rear that opens out to Carey Lane - one of the prettiest slow lanes in Key West. The backyard is large enough to add a pool. The backyard has some tropical plantings but it is mostly concrete patio. The front yard is gated and private.
The house has an enclosed front porch which enters into the living and dining area. There are two bedrooms on the right side of the house. The rear bedroom has a door that enters the bathroom. The bathroom may also be accessed off a second door in the kitchen. I took some interior photos shown below.
This may sound crazy but an investor could buy this house and rent it out as a long term rental without spending any money on fix-up. Everything looked in good operating order to me. A home inspection is needed, but I feel confident the place is okay to start making money for a passive investor. This property will continue to appreciate as the inventory of un-fixed homes shrinks and property values escalate. I think this could rent for $3,500 per month or more. Or buy it and renovate it.
CLICK HERE to view the Key West MLS datasheet and professional photos. Then please contact me, Gary Thomas, 305-766-2642, to arrange a private showing. The place is vacant and easy to see. Trust me this place will sell quickly. Don't scratch your head thinking about it. I am a buyers agent and a full time Realtor at Preferred Properties Key West.
