2 Storey Detached House in Guelph! Assigned

Offer Date: September 16, 2022
Closing Date: October 3rd, 2022

About the Property

Check out this 2 storey, all brick detached house in Guelph consisting of 4 bedrooms and 2 bathrooms. It is approximately 1500 sqft and has an unfinished basement. The furnace, A/C and HWT are all owned and were replaced approximately 2-3 years ago. Since no renovations have been done by the current owner, we recommend a full cosmetic update. 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 the desirable West Willow Woods neighbourhood in Guelph. Guelph is located about an hour and 20 minutes West of Toronto and 30 minutes North-East of Kitchener. The property is near countless amenities such as restaurants, Zehrs, Tim Hortons, Home Hardware, many parks, and more.  The subject property is also located within a 10 minute drive to Guelph General Hospital and is only about a 7 minute drive to downtown Guelph.

Property Details

• Detached 2 Storey House
• 4 bedrooms
• 2 bathrooms
• 1568 sq ft above grade
• 707 sq ft below grade
• Property taxes are about $2868
• A/C is owned and replaced 2 years ago
• Furnace is owned and replaced 2 years ago
• HWT is owned and replaced 3 years ago
• Roof was redone approximately 15 years ago
• Windows are older and will need to be replaced
• Breaker Panel
• Built in 1989
• 66ft x approximately 132ft
• R1B Zoning

Recommended Renovations

• Full Cosmetic Renovation
  • Consider updating the kitchen and bathrooms to maximize ARV
• Consider replacing the windows and patio door
• Consider adding a bathroom in the basement
• 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: $599,999 or Best Offer
• We believe that this property is worth $700,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $900,000 on the MLS
• Purchase today for $100K BELOW MARKET VALUE!!

Comparable Analysis

• 15 Rochelle Drive sold for $777,000 in May 2022. This comparable is similar in square footage and is also outdated inside. The comparable has one less bedroom and one more bathroom than the subject property. Therefore, after adjustments, and considering the downturn in the market since May we believe the subject property should sell for at least $700,000 “as-is” on the MLS.
• 16 Abbeywood Crescent sold for $850,000 in September 2022. This comparable consists of 3+1 beds 2 bath and is slightly larger in size than the subject property. The comparable sits on a smaller lot size and is dated throughout. Considering the difference between the comparable and the subject property, we believe the subject property should sell for at least $700,000 “as-is” on the MLS.
• 107 Freshmeadow Way sold for $865,000 in July 2022. This comparable consists of 4 beds 3 baths and is similar in size as the subject property. Some parts of the house have been renovated but is outdated for the majority of the home. The comparable sits on a smaller lot size than the subject property but offers a nicer curb appeal. Therefore, after a full cosmetic renovation, and depending on finishes, we believe the subject property should sell for at least $900,000 on the MLS given the recent shift in the market.
• 102 Fairmeadow Drive sold for $925,000 in June 2022. This comparable consists of 3 beds 2 baths and is smaller in size than the subject property. The comparable has been nicely renovated throughout but sits on a smaller lot size. Therefore, after a full cosmetic renovation, and depending on finishes, we believe the subject property should sell for at least $900,000 on the MLS given the recent shift in the market.

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