1240 Lake Avenue 1 and 2

Tallahassee, FL 32310

High-Cash-Flow Investor Opportunity – Two Homes on One Lot Near Universities. Rare value-add investment in a prime university-area rental market. Two separate homes on one lot create multiple income streams with serious upside for the savvy investor. Properties like this don’t come around often—especially this close to major universities. House #1: ~722 sq ft, 3 bedroom / 1 bathrooms - needs renovations. House #2: ~817 sq ft, 3 bedrooms / 1 bathroom is currently rented. Both homes are separately livable and perfectly positioned for student housing, mid-term rentals, or long-term tenants. With targeted renovations, investors can push rents, force appreciation, and significantly boost cash flow. Located in a high-demand rental corridor close to universities, shopping, dining, and public transportation—ensuring consistent tenant demand and low vacancy. Perfect for investors looking to maximize returns, build equity fast, and dominate a rental market fueled by students and professionals. Two units on one lot = higher ROI Prime university proximity = strong rental demand Value-add renovation opportunity Multiple exit strategies (hold, refinance, or resell) Interior pictures are of House #1

Listing courtesy of The Naumann Group Real Estate



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Last checked 2026-02-01 03:36 AM EST