Detached 2-Storey in Norwood! 30 Minutes from Peterborough! Assigned

  • $$465,000
  • 3 beds
  • 2 baths
Assigned

Detached 2-Storey in Norwood!

30 Minutes East of Peterborough

Fix & Flip and Land Severance Opportunity

$110K BELOW Market Value!

Asphodel 3rd Line, Norwood, Ontario

Closing Date: December 17th, 2024
*The Assignee agrees to cover the Sellers legal fees up to $2000

About the Property

Check out this detached 2-storey farmhouse on 100 sprawling acres of beautiful farmland! Consisting of 3 bedrooms and 2 bathrooms, this 2604 sqft property will require a full clean out and cosmetic renovation to restore its former glory. The roof has been updated within the last 10 years and the electrical is on breaker, saving the buyer a costly job. The windows have been partially replaced and the basement is unfinished with a walk-out entrance. Renovate the house and lease or sever the land, the potential is limitless. Don’t hesitate, reach out today!

About the Neighbourhood

Located at the end of a long, gated driveway, this property is perfect for those who want to enjoy the tranquility and privacy of country living while still remaining conveniently close to local amenities! If you love the outdoors you’ll be swept away by the beautiful ponds, walking trails, and wildlife that surround the property. Situated halfway between Peterborough and Norwood, this property is only about a 15 minute drive away from either town via Highway 7. Head to Peterborough when you want hustle and bustle or head to Norwood for the small-town feel, you really can’t go wrong! Also with the demand for agricultural land, any owner can benefit from leasing the land off to a hay farmer to decrease some expenses and taxes!

Property Details

  • Detached 2-storey house
    • Brick w/ siding addition
  • 3 bedrooms
  • 2 bathrooms
    • 1 half bathroom on main level
    • 1 full bathroom upstairs
  • Basement is unfinished
    • The ceiling height is around 7ft
    • Walk out to backyard
  • 2604 sqft above grade
  • 982 sqft below grade
  • Appliances are included in the sale
    • Fridge, stove, dishwasher, washer, dryer
  • Property taxes are about $2200
    • based on farming use, otherwise the property would be taxed at the residential rate
  • Furnace is owned
    • Around 10 years old as per seller
  • HWT is owned
    • Around 10 years old as per seller
  • No A/C
  • Steel/Aluminum roof
    • Replaced within last 10 years as per seller
  • Windows are partially updated
    • Some will require replacing but up to buyer’s discretion
  • Breaker Panel, copper wiring
  • No garage
  • Built in 1920
  • 1975ft x 2234ft lot
    • approximately 100 acres
  • RU zoning

Recommended Renovations

  • Full cosmetic renovation
  • Landscaping and exterior work
  • Consider adding AC
  • Consider severing land
  • Seller has the option to leave contents behind so we recommend budgeting for junk removal
Pictures and More
The Numbers

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

  • Wholesale Price: $464,999
  • We believe that this property is worth $575,000
  • We believe that after full renovation this property would sell for at least $925,000 on the MLS
  • Buy now for $110K BELOW market value!

Comparable Analysis
  • 1015 Payne Line Road  sold for $825,000 in May 2024. This 2 storey agricultural property was built in 1910 so it is similar in age to the subject property. The comparable sat on a 103 acre lot, with 95 acres of workable land and 8 acres of hardwood bush. The comparable has 4 bedrooms, 1 bathroom and an attached garage as well. Behind the house, there are 2 barns on the property that are accessible and convenient for the workable land. The comparable is completely livable (unlike the subject property which needs a full cosmetic reno) however it is not in completely ARV condition. Similar to the subject property, the comparable runs on well water and a septic tank, and its heating source is a combination of a wood stove and forced air heating (however the comparable is oil rather than gas) We believe, after adjustments due to condition and the extra buildings on the lot, the subject property would be worth $575,000 in as is condition.
  • 790 4th Line sold 5 days ago for $1,150,000 after 100 days on the MLS. This 3+1 bed, 3 bath and 2 garage bungalow has a 1900 sqft footprint and sits on a 90 acre property! The property is classified as agricultural similar to the subject property with a large barn on its lot as well. The comparable has been tastefully renovated throughout the past 5 years (as per the listing) with updated to the kitchen, bathroom and flooring. The property is a much newer build than the subject property thus would of course yield more on the market once renovated. We believe after adjustments and a complete renovation the subject property would sell for a price around $925,000.
  • 2283 Jermyn Line sold for $835,000 in May after only 4 days on the MLS! This comparable property sits on a much smaller lot of only 700ft x 210ft and is slightly smaller in size at 2000-2500 according to House Sigma. The comparable consists of 5+1 bedrooms, 4 bathrooms and has a 2 car attached and detached garage. The comparable has a finished basement but no separate entrance. This property is well-maintained and has had some updates throughout, however, we believe it is still far from ARV. The potential of the subject house and acres of land far surpasses this comparable. The comparable does not have the severability and workable land potential that exists with the subject property however it is a much more modern house. Therefore, after adjustments and a full cosmetic renovation, we believe the subject property would sell for at least $925,000 on the MLS.
Price:
$$465,000
Address:
Norwood
Bedrooms:
3
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1920

Call 647-930-0291 for more details