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Deep waterfront in the keys, MM53. 3-1, CBS, old Florida style w/attached apt. Home is approx. 1700 sq. ft., appt. is approx. 900 sq. ft. Appt. currently generates $1,200 per mo. Both recently remodled, new kitch, baths and tile floors. Screened porch on main house. Landscaping includes Key Limes, bananas and coconuts. A steal at $850,000.00.
 

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The house is a flipper that my buddy down there found. We have spent nearly a year on it (spare time). You can find more details and pics if you Google MLS #526490 . It says that the appliances are 2 yrs. old, they were purchased from a liquidator and have only been used to keep beer cold and warm up the occasional lunch.
 

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That's the place but I don't understand the canal pics. They took them from the opposite side of the canal and don't show the home at all. That is the way out.
 

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Your buddy most have stole that house or has some mighty deep pockets to be able to afford the holding costs on something like that. I would calculate a minimum of $100,000 just to hold that for one year. How does somebody afford to work part time for a year on a property like that?
 

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Mike, this is exactly what I look for. The house is in a good location and waterfront. It had not been occupied for 3 yrs. and had become a crude shelter for the homeless, it also had a cesspool which were outlawed years ago. Technically, we bought the property with no chance of a CO. The deal maker came when my buddy discovered that sewer was coming through in the spring of this year. Financing was pretty much the usual deal although we threw a little Conch Republic twist to it by renovating the attached studio apt. first and renting it. Not exactly legal with the cesspool but we didn't get caught and everything worked out fine.
 
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