2 Storey Detached House in AJAX! Assigned

Offer Date: August 26th, 2022
Closing Date: October 7th, 2022

About the Property

Checkout this 2 storey detached house in Ajax in need of some love and creativity to bring it back to life. This property consists of 3 bedrooms upstairs and 1 bedroom in the basement and 3 bathrooms. There is lots of potential for this property as structurally sound but does require a full cosmetic renovation on the inside. The garage door was replaced 4 years ago but the stripping needs to be replaced. The roof was redone 5 years ago and the windows were replaced 10 years ago. The basement is partially finished with 8 foot ceiling height and concrete floors. There is currently no separate entrance for the basement but a door could be added outside as the stairs are located on the far left side. 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 Ajax. Ajax is located East of Toronto and West of Oshawa. The subject property is located North of the 401 and is close to other major highways such as the 407 and the 412. Surrounded by countless amenities such as restaurants, Canadian Tire, LCBO, Chapters, Dollarama, Tim Hortons, Costco, Superstore, Winners, Starbucks… the list goes on! The property is also close to many trails and beaches. The Lakeridge Health Ajax Pickering Hospital is located only 5 minutes from the subject property!

Property Details

• Detached 2 Storey House
• 3+1 bedrooms
  • 3 bedrooms upstairs
  • 1 bedroom in the basement
• 3 bathrooms
  • 1 full bathroom
  • 2 half bathrooms
• 1620 sqft above grade
• 810 sqft below grade
• Partially finished basement with 8ft ceiling height
• Property taxes are about $4594
• A/C  is an old R22
• Furnace purchased in 2012
• HWT purchased in 2016
• Attached garage
• Roof was redone in 2017
• Windows were replaced in 2012
• Breaker Panel, copper wiring
• Built in 1985
• 27ft x 102ft
• R2-A Zoning

Recommended Renovations

• Full Cosmetic Renovation
  • Consider updating the kitchen and bathrooms to maximize ARV
• Consider updating the A/C
• Potential to add an in-law suite
  • Would need to add a separate door on the side of the house
• 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: $719,999 or Best Offer
• We believe that this property is worth $800,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $950,000 on the MLS
• Purchase today for $80K BELOW MARKET VALUE!!

Comparable Analysis

• 12 Harman Drive sold for $862,500 in July 2022. This comparable consists of 3 beds 2 baths and sits on a slightly larger lot size than the subject property. The comparable is smaller in size than the subject property and is only a single car garage. The comparable is outdated throughout with some minor updates to the flooring and kitchen. The comparable has carpet upstairs and similar to the subject property, has wood panelling on the walls in some parts of the home. Therefore, after adjustments, we believe the subject property should sell for at least $800,000 “as-is” on the MLS.
• 55 Harman Drive sold for $900,000 in July 2022. This comparable consists of 3 beds 3 baths and sits on a similar lot size as the subject property. This comparable has been somewhat renovated throughout with a newer kitchen and flooring but it is still outdated in some parts of the house. The comparable has a single car garage and sits on a similar lot size. Therefore, after adjustments, we believe the subject property should sell for at least $800,000 “as-is” on the MLS.
• 26 Tipton Crescent West sold for $1,125,000 in July 2022. This comparable consists of 3+1 beds 4 baths and has been nicely renovated throughout. The comparable sits on a similar lot size but is slightly bigger in size. The comparable has the same size car garage and comes with a fully finished basement. The comparable has a nicer curb appeal and is only a 5 minute drive to the subject property Therefore, after a full cosmetic renovation, and depending on finishes, we believe the subject property should sell for at least $950,000 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