289 Elmwood Crescent Assigned

Detached House in Milton!
Fix & Flip or Rental or New Build Opportunity

$150K BELOW Market Value 

Elmwood Crescent

Elmwood Crescent, Milton, Ontario

About the Property

This detached two storey house consists of 2 bedrooms 1 bathroom and is about 1780 total sqft. There is an unfinished basement with a separate entrance from the back. There was a leak in the master bedroom and bathroom ceiling and living room from the old plaster ceiling that has since fallen off. The roof is about 15 years old and the windows are original. The furnace, A/C and HWT are all owned. The furnace is 5 years old and both A/C and HWT are 15 years old. The electrical panel is on fuses and no renovations were done since the seller moved in so it would greatly benefit from a cosmetic facelift.  This property is ideal for an investor looking for a summer project to add a fix and flip to their portfolio or a potential new build opportunity as many of the older houses in Milton are being torn down and rebuilding on these larger lots.

About the Neighbourhood 

The subject property is situated in a desireable neighbourhood in Milton. Milton is located about 30 minutes West of Toronto and 30 minutes East of Guelph. Milton is located just south of the 401 and a short drive away from the 407 and 403. The Milton GO station is about a 5 minute drive to the property. This property is surrounded by countless amenities including Superstore, Rexall, LCBO, No Frills, Gas Stations, Milton Mall and others. This property is less than a five minute drive to the hospital.

Property Features

• Detached House
• 2+1 bedrooms
• 1 bathrooms
• 1107 sqft above grade
• 673 sqft below grade
• Property taxes are about $3205
• Fuses panel
• Built in 1955
• Furnace purchased in 2017
• A/C and HWT purchased in 2007
• Roof was redone in 2007
• Windows are original
• 60ft x 120ft
• R3 Zoning

Recommended Renovations

• Full Cosmetic Update
• Fix the ceiling where the leak occured
• Consider updating the electrical panel
• Tear down building and rebuild a new property or build on existing foundation
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent BUY and HOLD opportunity.

• Wholesale Price: $899,999 or Best Offer
• We believe that this property is worth $1,050,000 as-is on the MLS
• We believe that after a small cosmetic renovation this property should be worth at least $1,250,000 on the MLS
• Purchase today for $150K BELOW MARKET VALUE

Comparable Analysis

• 272 Elmwood Crescent sold for $1,201,000 in April 2022. The comparable is a bungalow and slightly smaller in size but sits on a similar size lot size. The comparable is a 3 bed 2 bath unit but completely outdated throughout. Therefore, we believe the subject property would sell for at least $1,050,000 on the MLS “as-is.”
• 288 Elmwood Crescent sold for $1,335,000 in May 2022. The comparable consists of 4+1 bed 3 bath unit and is bigger in size than the subject property but sits on a similar lot size. The comparable has been nicely renovated inside. Therefore after adjustments, and depending on finishes, we believe the subject property would sell for at least $1,250,000 on the MLS.
• 275 Elmwood Crescent sold for $2,300,000 in April 2022. This comparable was a teardown and a great comparable to show the potential of what a new build would go for. The comparable is a 4+1 bed 4 bath and is about 2250 sqft. Therefore, assuming an investor looks to tear down and rebuild on the subject property, we believe the subject property would go for $2,300,000 on the MLS.