1027 Eaton Street, Key West - Old Town Investment Property

 "Snowbird Investment! Serenity on Thompson Lane with rentability on Eaton Street. Truly the best of both worlds. 6 bedrooms,4.5 bathrooms with claw leg tubs and laundry rooms. Two identical tenant units (2/1 on Eaton Street), plus Owner's Unit with lock out guest cabana on Thompson Lane. Separate driveways for tenants and owners. Heated pool and dense landscaping for privacy. Double balconies and Dade County Pine in an historic Key West Conch House. Tenants pay the mortgage."

The listing Realtor at Preferred Properties Key West is a pocket poet of sorts as he describes his new listing at 1027 Eaton Street in Old Town Key West which is offered for sale at $1,695,000.  Agents from my office toured the 2500 sq ft property a couple of days ago. The property is divided between the income units that face Eaton Street and the owners unit that faces Thompson Lane at the rear. The first and second floor units are identical, but the interiors finishes are a bit different.  The income units have a driveway that will accommodate three cars - a bonus for Old Town renters (having off street parking!).  The owners unit has off street parking on Thompson Lane. 

I checked out the historic Sanborn Fire Maps for Key West and found this property first shown on the 1899 edition. Earlier editions omitted this stretch of Eaton Street entirely.  This area is close to the historic Key West Seaport where most of the early homes, large and small, were built. I found a black and white photo of the property taken in 1965. Note the classic revival style architecture.  I originally assumed this was a single family home that was converted into a multi-family home, but upon review of the photos I took, which you can see if you CLICK HERE, it is entirely possible this structure was built as a two or three unit property.  The apartments have Dade County Pine interior walls that bisect the first floor. Those walls are hardened like cement. It is unlikely that someone moved the walls to create the current uses but rather the usages was adapted to fit the spaces. Staircases in most large houses of similar construction normally extend up the wall from the front door (in this case the left side). Entry halls in such houses normally extend about four feet beyond the staircase to create a total opening of seven feet or so.  The opening in this house is much wide which makes me think the room divisions bisecting the house may be original.

You can tell by looking at the black and white photo that this is a big sturdy house. The color photo taken a few days ago shows the driveway still remains in place. The house itself is pretty much obscured from view.  If I owned this property, I would edit out a lot of the palm trees and foliage and add a white picket fence. The house itself is in great condition. It's too bad you cannot see it.
Below are photos of the ground floor apartment which has two bedrooms, one bath, a living area and kitchen. The unit has use of the ground level front porch. The second floor unit has an identical layout.  That unit has the use of the second floor balcony.

 The "owner's unit" is located at the rear. This could be your winter retreat. You would have the income from the two units in front. The owner's unit includes a "lockout" which functions like a studio apartment with living/sleeping area, miniature kitchen, and bathroom.

As I mentioned earlier, this property has three off street parking spaces at the Eaton Street entrance and one off street space off Thompson Lane at the rear.  From the front of the property you would have no idea that the tropical retreat at the rear even exists.

CLICK HERE to view the KeyWest mls datasheet on 1027 Eaton Street and then pick up your phone and call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.  This one of the few properties that you can actually own a large home and have substantial year round income at the same time.

Update: June 10, 2021.

I received the email copied below from a former resident of this house. Enjoy.

Hello,

I lived in this house many many years ago, my husband was in the Navy stationed in Key West of all places. We lived in the upstairs of this house for 4 years, through hurricanes, good times, and sad times. Jimmy Buffet was just an ordinary guy with a guitar, who knew you when you met on the street. 

The house next door, which was a motel at the time, was painted pink. We didn't have a TV but someone over at the motel did and if we sat by our kitchen window we could watch theirs. We, of course, couldn't hear but when you're watching the Olympics it didn't matter.

Our landlady was Lula McClintock, her husband was a merchant marine and right after they were married, he set off on a ship and was never heard from again. Lulu lived all her life in Key West and never left the island. She was the most interesting lady on the island. She gardened in the backyard, which was like the garden of Eden. Certainly one in paradise. 

I was glad that you included the "old" picture, it was the exact version I remembered. When I moved back to the midwest, I brought a lot of Key West with me.. shells, and items that I had collected. My husband, who passed away a few years ago, enjoyed being stationed in Key West. We were both pretty young when we got married so Key West was a honeymoon that lasted for many years. 

Thank you for including the picture and I enjoyed seeing the "improvements" made to Mrs. McClintock's house.. It brought back a lot of good memories. Her brother and sister would come and visit her every day and you could hear them call out Lula from down the block. Lula taught me how to cook cuban and to this day I can make the best yellow rice in town.

1309 Newton Street Key West - Bank Owned Fixer Upper

There are two, no make that three certainties in life in Key West: (1) Death: (2) Taxes; (3) Lots of buyers for Bank Owned Houses.  1309 Newton Street Key West is a Bank Owned property that was just listed, but not by me.It's a fixer-upper that is offered for sale at $249,900.  I spent about ten minutes at the property taking photos. Three other Realtors popped in and out of the house during those ten minutes.  I would suggest that a lot of other agents were there as well that day because this little house is offered at a price point that a lot of potential buyers can afford.

I went to the Sanborn Fire Maps and found 1309 Newton Street first shown in the 1892 edition. The 1300 block of Newton Street was obscured by an overly of another area. So it's a guess as to whether this house was built earlier.  Numerous other houses were built in the same area which is only a block south of the old Army barracks.  The black and white photo above was taken in 1965. It shows metal louvered shutters on the front porch and a modern awning (for that time period) that extends out just a bit. Compare and contrast that black and white photo to the two current color photos that show the same porch and entry that I took.  You will see the metal louvers and awning are gone and replaced with opaque glass louvered windows.  It looks like the porch became some type of living space.

The old front windows now have shutters that open into the enclosed porch room. A long hallway leads from the front door through the kitchen that was added a few years ago to the back "family room" that was also an addition.  A second bedroom is entered just off the kitchen.

There is a small back deck just off the rear bank of windows and door. There is not enough room for a pool. A new owner could put in a hot tub which is portable (removable). No permit is needed for that.

A new owner might consider converting the porch "room" into a real front porch; gutting the interior rooms and reconfiguring the house to create two nice sized bedrooms with a shared bath; install a new kitchen; replace the mix of various windows with historically correct windows; repair or replace the roof as needed (there is a leak in the family room); and maybe shrink the size of the family room to create more deck area at the rear. We spend a lot of time outdoors in Key West. This home could be so much more if the deck area were larger and if the family room widows were replaced by French doors that open to the outdoors. CLICK HERE to view more photos I took of this property. This is a very narrow lot. A new owner will need to make nice with the neighbors to fix up the exterior sides.

CLICK HERE to view the Key West Association of Realtors mls datasheet on this property.  Even updated this house in my opinion will be a regular home. Buyers who want a place they can rent out as a vacation rental should probably find a place with a larger outdoor space. Buyers who want a flip project need to really consider the cost of doing all the projects that I suggest (or that you and your architect or builder might consider).  I personally don't think this is a flip project at this time. But if you buy this property at this time, fix it up, and hold it for several years, property values will increase and you will have the opportunity to participate in the price appreciation.

Please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.comkw1101v@aol.com.  I am a buyers agent and a full time Realtor at Preferred Properties Key West.  Let me help you find your place in Paradise.

1012 Fleming Street, Key West - Investment Property

The charming five unit apartment building located at 1012 Fleming Street in Key West was just listed by Preferred Properties Key West. That is where I work, but this is not my listing. The listing agent describes this particularly well located property this way:

"Conch House Multi Unit in a great location on Fleming across from the Eden House Hotel. 4 Rental Units and an owners unit all with their own utility meters. Great opportunity for a buyer who likes the income aspect while enjoying his owners unit."

 I checked the Sanborn Fire Maps for Key West to determine when this building was built. I was surprised to see that it was constructed after the 1889 map and before the 1912 when it appeared on the same lot as 1010 Fleming street. The two properties share a common property line that carves 1012 Fleming apart from the yellow house viewed above. I then dug down inside the old shoebox and found a photo of 1012 Fleming Street taken back in 1965.

Today the building consists of five units that rent at modest rates as compared to other long term rentals I have seen in Key West. The current owner resides in one unit and rents the other four. The building is 2995 sq ft of living space divided among three floors. There is a small garden area at the rear that may have room for a dip pool or hot tub.

The movie CRISSCROSS was filmed in Key West in 1992. The Eden House, located across the street from 1012 Fleming Street, was the home to Goldie Hawn's character and her son. Many locations at the nearby Key West Seaport also played integral parts in the movie.

When Goldie exited the Eden House movie set her view would have been similar the photo below.  Other than painting and perhaps new shutters, the houses in this block look pretty much the same today as the did in 1992 and decades before that.

CLICK HERE to view the Key West mls datasheet on this five unit investment property that is offered at $950,000.  Better than looking at photos, 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. We will need 24 hours advance notice to see the units.

3433 Riviera Drive - Key West, Florida

Just listed by Preferred Properties Key West, that is where I work but this is not my listing, 3433 Rivera Drive in Key West, Florida. The house sits behind a privacy wall like a lot of the homes in this area. I gotta tell you I was taken by surprise at how cute this 1600 sq ft ranch style home built in 1958 looks today. Oh, was I surprised!  The listing broker describes the property this way:

"Pristine and stylish light-filled home in quiet neighborhood. Front entrance opens onto spacious dining and living area, a good-sized covered terrace and 12X20 foot pool. Two bedrooms, bright kitchen and large adjoining pantry/laundry room. Polished Vermont black slate floors throughout. The exotic backyard has mango and banana trees, a 16 foot long series of antique wooden Indian arches framing the pool, a 4X5 foot outdoor shower with decorative Turkish tiles, and sun the year round. Central AC plus remote controlled ceiling fans. Private and secure with fence, locked gates, alarm and off-street parking. Hurricane shutters for all doors and windows. Sophisticated design & storage. Sunny, inviting and well maintained."

The living area opens out to a covered loggia that overlooks the pool and rear garden.  Who would expect this incredible view in a ranch home at the asking price of just $525,000?

Back inside the cook is never too far away from the family or friends.  The kitchen opens into the living spaces. A small ante-room is located adjacent to the kitchen where it is currently used as an office.

The two bedroom bedrooms share one bath quite efficiently.  The spaces are as pretty as a picture and provide pleasant places to place ones' head after a rough day by the pool.  CLICK HERE to view more photos I took of this pretty home.

CLICK HERE to view the Key West mls  datasheet on 3433 Rivera Drive, Key West, Florida. But better than looking online, please call me, Gary Thomas, 305-766-2642 to schedule a showing.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

3630 Flagler Avenue - Key West, Florida

Just Listed by Preferred Properties Key West, that's where I work but this is not my listing, 3630 Flagler Avenue in Key West.  Buyers who seek a freshly renovated home with the latest in interior finishes and appliances should take a look at this forward thinking 1517 sq ft ranch style home.  The listing agent describes the home this way:

"Brand new renovation from top to bottom. Outstanding family 3/2 bedroom home on a very large corner lot. Kitchen renovation has been opened to increase the great room living space with the latest in appliances and finishes. Marble counter tops, and sliding glass doors reveal a 30 foot kidney shaped pool. On the other side of the pool is a wonderful Lanai surrounded by new and old tropical landscaping. Lots of outdoor lighting for a magical atmosphere at night."

3630 Flagler Avenue is situated a a large tree line lot. The home has a Spanish hacienda look on the outside. Inside, the home is all fresh and new with the latest in glazed floor tiles throughout the house to new exterior pool deck which makes an almost seamless transition to the pool deck and cabana.

Once you enter the home your attention is drawn through the living area and out to the gardens and pool. The rooms meld into a large open space with great views of the outside and still provide a sense of comfyness on the inside. 

The master bedroom with bath are located adjacent to the large kidney shaped pool. Two sets of sliding doors open out to the pool from the master bedroom so that you can take a late night soak in the hot tub or an early morning dip in the pool The two other bedrooms with shared bath are located on the opposite end of the home. You will have privacy from children or friends.  Occupants in the other bedrooms each have sliding doors that open out to a private deck.

The poolside cabana is not quite finished this week, but it will be done next week. The photo below shows the home in the background including the new glazed tile roof and faux painted shutters and wood trim.

CLICK HERE to view more photos I took of this wonderful family home or vacation home.  It will work either way. This home is offered at $1,049,000.  Please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Key West.