| Vic’s Road, Midland, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: February 16th, 2023
*Tenant to be assumed*
About the Property
This cute mobile home consists of 2 beds, 1 full bathroom and is approximately 950 sqft. The property requires a cosmetic facelift but the roof was redone last year! The property is part of a mobile home community meaning that the land is not owned but leased. Thus the owners pay a monthly fee of about $500 to cover general maintenance and park fees, but all owners own their individual unit. The current tenant pay $1035 plus utilities but are currently in arrears for two months as the second bedroom needed a full renovation and is not complete yet. There was a leak prior to the roof being fixed that caused damage to the second bedroom. There is also a wire that leads to the kitchen from the bedroom that was damaged from the leak that needs to be rewired. This property would be perfect for an investor looking for a fix and flip. See below for recommended renovations and how this property can be profitable for YOU!
About the Neighbourhood
The subject property is located on the outskirts of Midland. Midland is close to many beaches along the Georgian Bay. Midland is located close to other towns such as Wasaga Beach, Penetanguishene, and only an hour minute drive to Blue Mountain. The property is about a 40 minute drive to Barrie and 1.5 hour from the GTA. Midland is located about 30 minutes from Highway 400.
Property Details
- Mobile House
- 2 bedrooms
- 1 bathroom
- 950 total sqft
- No Basement, property sits on cement pillar
- This mobile home is the only one that has access to the land behind them, acting as a personal backyard
- Windows are original except for where the siding was replaced (right side of home)
- Roof was redone in 2022 but eavestrough need to be added
- Own driveway with 3 parking spots
- Currently tenanted at $1035 plus utilities (no formal lease written)
- Park fees are $512.50/month
- Property taxes are $546.70
- HWT and furnace are owned, seller unsure of age
- Breaker panel, copper wiring
- No A/C
Recommended Renovations
- Full cosmetic renovation
- Offer Cash for Keys
- Open work order that needs to be closed
- Order is for ceiling, walls and roof
- Trailer was inspected for mold, none was found. However, due to the leak there were joists that rotted that have since been replaced. It does not appear (as per sellers inspector and contractor) that other joists have rotted.
- Seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity or Rental Opportunity.
- Wholesale Price: $59,999
- We believe that this property is worth $110,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $215,000
- Buy now for 50K BELOW market value!
Comparable Analysis |
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- 7 Vic’s road sold for $110,000 in October 2022. This comparable consists of 2 beds 1 bath and is slightly smaller in size as the subject property. There are no photos of the inside but based off the description this property required work and was outdated throughout. Therefore, after adjustments, we believe the subject property would sell for around $110,000, in “as is” condition.
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- 11 Ryans Road sold for $165,000 in August 2022. The comparable property consists of 2 beds 1 bath and is much smaller in size than the subject property. The comparable has more parking spots than the subect property and is completed dated throughout. Therefore, after adjustments, we believe the subject property would sell for around $110,000, in “as is” condition.
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- 12 Vic’s Road sold for $215,000 in October 2022. This comparable consists of 2 beds and 1 bath and is smaller in size than the subject property. Unlike the subject property, the comparable has an A/C unit. The comparable is dated throughout but offers a nice curb appeal with an updated deck. Therefore, after renovations, and depending on finishes, we believe the subject property would sell for atleast a price around $215,000.
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| Need Financing? |
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| Looking for a construction cost estimate?
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 |
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| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Jocelyn at 647-930-0291. Jocelyn can answer any questions you have and set up a time to view the property.
Please Do Not Go Directly to the Property
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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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