1.5 Storey Detached House in Peterborough! Assigned

Offer Date: September 7th, 2022
Closing Date: October 14th, 2022

About the Property

Check out this 1.5 storey detached house in Peterborough consisting of 3 bedrooms and 1.5 bathrooms. This unique property previously had a barbershop on the right side of the home that is now being used as storage and can be converted into another bedroom or living area. The access to the crawl space is behind the shop and it is poured concrete foundation. The shingles were redone in 2020 and both eavestrough and downspout are in good condition. There is potential to convert the powder bathroom into an ensuite for the master bedroom which is currently on the main floor. As you can see, this structurally sound property has a ton of potential and would benefit from a cosmetic renovation! This property is perfect for an investor looking for a fall fix and flip project or BRRR opportunity.

About the Neighbourhood 

The subject property is situated in a desirable neighbourhood in Peterborough. Perterborough is located East of Toronto and West of Kingston. The subject property is located North of the 401 and is surrounded by lakes. The property is near countless amenities such as restaurants, Canadian Tire, Dollarama, Tim Hortons, Walmart, Superstore, Staples, Starbucks… the list goes on!  Peterborough Regional Health Centre and Downtown Peterborough are both only 5 minutes from the subject property!

Property Details

• Detached 1.5 Storey House
• 3 bedrooms
• 2 bathrooms
  • 1 full bathroom
  • 1 half bathroom
• 1560 total sqft
• Crawl space
• Property taxes are about $2868
• A/C is owned and purchased in 2002
• Furnace purchased in 2007
• HWT is a rental and put in in 2017
• Roof was redone in 2020
• Windows were replaced in 2007
• Breaker Panel, copper wiring
• Built in 1900
• 55ft x 131ft
• R1 Zoning

Recommended Renovations

• Full Cosmetic Renovation
  • Consider updating the kitchen and bathrooms to maximize ARV
• Consider updating the A/C
• Consider converting the barbershop into another bedroom or extra living area
• Buyer will need to purchase new appliances as the seller will be taking the current ones
• Seller has the option to leave contents behind so we recommend budgeting for junk removal if you’re moving into the property

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $354,999 or Best Offer
• We believe that this property is worth $415,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $525,000 on the MLS
• Purchase today for $60K BELOW MARKET VALUE!!

Comparable Analysis

• 549 Hopkins Avenue sold for $420,000 in June 2022. This comparable consists of 2 beds 1 baths and is completely outdated inside. The comparable also has a crawl space but sits on a much smaller lot size than the subject property. The comparable is also a lot smaller in size than the subject property. Therefore, after adjustments, and considering the downturn in the market since June we believe the subject property should sell for at least $415,000 “as-is” on the MLS.
• 570 Rose Avenue sold for $535,000 in August 2022. This comparable consists of 3 beds 1 bath and is slightly larger in size than the subject property. The comparable sits on a similar lot size and has had some renovations done throughout the home however some areas are still dated. Therefore, after a full cosmetic renovation, depending on finishes, we believe the subject property should sell for at least $525,000 on the MLS.

SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcapital.ca