536 Scotland Street

Description

Corresponding MLS ID: U8156646. This property, which consists of a picturesque, charming home built in 1925 and a lovely two-story duplex built in 1935, qualifies for the city of Dunedins special Bed-and-Breakfast provision, which conditionally allows the owner to run an AirBNB or VRBO based-business legally. The house (1764 total living square ft) has incredible landscaping and mature trees. The fenced backyard has a heated pool and heated spa and a tiki bar. The house has two bedrooms and two bathrooms and another room that can be converted into a bedroom. It has the original hardwood floor and original windows. Kitchen has been recently updated which includes a new granite counter top. Also, house has a laundry room with washer and dryer, and has a storage shed near the fence entrance. The duplex (1748 total living square ft) has a unit downstairs and another unit upstairs. The downstairs unit has two bedrooms, a Jack-and-Jill bathroom, and French doors that lead out to a large, brick paved patio. The upstairs unit has one bedroom and one bathroom. The kitchen in the upstairs unit has been completely remodeled with new kitchen cabinets, new granite counter top, and new appliances. The washer and dryer are also new. The upstairs unit is fully equipped with upgraded furniture, televisions, linen, dinnerware, silverware, kitchenware, pictures, and dcor. Additionally, the upstairs unit has a spacious wooden balcony with steps that lead down to the back yard. There is a storage shed under the balcony. There is enough parking at the paved parking area for six vehicles. As investment, the best use for this property is to qualify for Dunedins Bed-and-Breakfast provision. This allows the property owner to run a bed-and-breakfast (Airbnb or VRBO) establishment. In order to qualify, the owner must live in one of the three units. Assuming the owner lives in the duplexs upstairs unit, the estimated gross income is $45000 for the downstairs unit and $80000 for the house. This estimate is based on comparisons with similar properties in downtown Dunedin. Potential buyers of this property must do due diligence in their estimates/projections of properties income and profit. Currently, two tenants are living at this property. The tenant living at the house (536 Scotland St.) is paying $2850 per month which includes lawn maintenance, water/sewer/garbage, pest control, and pool service. The tenant living at the duplexs downstairs unit (711 Louden B) is paying $1750 which includes lawn maintenance, water/sewer/garbage, and pest control. Please do not disturb tenants. An arrangement has been made with tenants to show the house and the downstairs unit at designated times, two times per week. Listing Realtor is very knowledgeable about the process to obtain a Dunedins Bed-and-Breakfast provision, and has personal experience in engaging in the Bed-and-Breakfast business, allowable by city ordinance.