Downtown New Port Richey Value-Add on 2 Lots | New Roof | MF2 Zoning | Possible Multifamily Upside

About this property

Call/Text Chris with HomeCove at (561) 571-9049 to submit your offer. Assignment deal. Buyer to use our title company. Proof of funds required with all offers. Property Overview Value-add opportunity in Downtown New Port Richey. The property is a small 2 bed / 1 bath home on a large 10,500 sqft lot with 2-lot potential, a new shingle roof installed May 2026, and reported MF2 / OMF2 zoning, creating a strong upside angle for an investor, builder, or rental operator. The existing home has character features including hard pine varnished ceilings, an enclosed front porch, a 372 sqft screened-in porch, and a barn/outbuilding. Buyer can renovate the current structure or explore additional-unit / multifamily redevelopment potential. Buyer must independently verify zoning, density, setbacks, parking, utilities, buildability, and whether a duplex, triplex, fourplex, ADU, or additional structure is allowed. Property Highlights New roof: Main roof reportedly replaced May 2026. Porch roof: Flat porch roof reportedly replaced in 2020. Large lot: Approximately 10,500 sqft. 2-lot setup: Potential additional buildability, buyer to verify. Reported MF2 / OMF2 zoning: Possible multifamily or additional-unit upside. Downtown New Port Richey location: Close to the growing downtown corridor. Existing 2/1 structure: Small footprint, but potential to renovate and rent/resell. Screened porch: Approximately 372 sqft. Barn/outbuilding: Additional storage or possible utility value. Motivated seller story: Seller is recently retired, income has been cut, and no longer wants to keep up with building code requirements. Zoning / Development Angle Property is reportedly zoned MF2 / OMF2 and sits on approximately 10,500 sqft across 2 lots, creating potential multifamily or additional-unit upside. Buyer should verify directly with the City of New Port Richey whether the site can support a duplex, triplex, fourplex, ADU, additional structure, or redevelopment. This should be marketed as a buyer-verify development opportunity, not a guaranteed fourplex. Condition / Repair Notes The property has a new roof, but the interior and systems still need work. Known items: No HVAC Electrical last updated around 1991 and needs to be brought up to code Kitchen needs updating Bathroom needs updating Ceramic tile in kitchen and bathroom Carpet in living room Sewer lines are PVC Water lines are copper 2 small bedrooms / 1 bathroom Enclosed front porch Screened porch Barn/outbuilding General code compliance likely needed Estimated Renovation Budget Light rehab: $35K to $50KThis would be if the buyer keeps the existing layout, adds a basic cooling solution, updates cosmetic items, and avoids major electrical or structural surprises. Major rehab: $55K to $75KThis is the more realistic investor budget. It should include HVAC or mini-splits, electrical/code updates, kitchen, bathroom, flooring, paint, porch work, and general cleanup. ARV Guidance Existing house conservative ARV: $150K to $175KThis is if the property remains a small 2/1 with basic updates. Existing house realistic ARV: $185K to $215KThis assumes clean renovation, updated kitchen/bath, HVAC solution, code-compliant electrical, and improved presentation. Existing house upside ARV: $225K to $250KThis only works if the usable sqft is stronger than public records suggest, the enclosed porch adds functional value, and the property shows well. Development upside: Potentially higher if MF2 / OMF2 zoning, 2-lot setup, setbacks, parking, and utilities support additional units. Buyer to verify. Comp Support 6231 Vermont Ave, New Port Richey, FLSold: $132,000Beds/Baths: 3 bed / 1 bathNotes: Same-street lower-end comp. Useful as a baseline for small housing stock and investor-level pricing nearby . 6027 Illinois Ave, New Port Richey, FLSold: $279,000Beds/Baths: 3 bed / 2 bathSqft: 1,174 sqftNotes: Supports renovated small-home resale demand in Downtown New Port Richey . 6040 Vermont Ave, New Port Richey, FLSold: $392,500Beds/Baths: 4 bed / 2.5 bathSqft: 1,961 sqftNotes: Same-street superior ceiling comp. Not a direct comp due to larger size, but shows stronger value potential on the street when size and condition are there . Zoning/development buyer: $145K to $175K+This works only if the buyer values the MF2 / OMF2 zoning, 2-lot setup, and possible multifamily upside. Small Downtown New Port Richey value-add on a large 10,500 sqft lot with a new May 2026 roof, reported MF2 / OMF2 zoning, and possible additional-unit or fourplex upside. Renovate the existing 2/1 or explore redevelopment potential. Buyer to verify zoning, density, setbacks, parking, utility capacity, and permitted use. Call/Text Chris with HomeCove at (561) 571-9049 to submit your offer. Assignment deal. Buyer to use our title company. Proof of funds required with all offers.

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