Restoring a 1924 Old Spanish gem in Shenandoah isn't just a flip; it's a preservation play that buyers in this pocket of Miami pay a massive premium for. Given the 2,043 sqft layout and the historic charm, a high-end renovation could push your valuation well past the current neighborhood average.
While the current market average is around $478/sqft, fully restored historic homes in this area with modern internal systems and luxury finishes frequently command between $560 and $640 per square foot.
| Level of Finish | Estimated Price/Sqft | Potential Market Value |
| :--- | :--- | :--- |
| Standard Modern | $525 | ~$1,072,500 |
| High-End Restoration | $585 | ~$1,195,000 |
| Luxury Designer | $650+ | $1,325,000+ |
Don't forget the hidden gold: the zoning. This lot is zoned for up to 9 units. While you're looking at it as a single-family home with an apartment, a developer sees it as a multi-family site.
Since it's a cash-only deal due to water damage, you're in a strong position to negotiate that $925k list price down. If you can get it closer to $800k-$830k, you've got plenty of meat on the bone for a $150k-$200k restoration while still hitting a healthy profit margin.