Hamilton Assigned

By October 18th, 2021
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for $50,000 BELOW Market Value!
Closing Date: November 8th, 2021

**Due to COVID-19 restrictions sight unseen offers are preferred.**

Cannon Street East, Hamilton, ON

2.5 Storey Detached located in the Stipley neighbourhood of Hamilton. The property is situated in a nice neighbourhood near Tim Hortons Field, schools, Food Basics, Shoppers Drug Mart, Hamilton General Hospital and other amenities. The property is approximately 5 minutes from the Hamilton Go Centre, with routes extending to Toronto (Union Station), Mississauga (Square One Shopping Centre) and Niagara. The subject property contains 3 bedrooms, 1.5 bathrooms, and is approximately 1235 sqft. The roof was redone 12 years ago with new shingles. The windows would need to be replaced as they are dated. The subject property is suitable for an experienced investor who is looking for a great Fix & Flip opportunity with massive upside potential! You can’t find a detached 2.5-storey listed in Hamilton for under $350K!

Property Features

• 2.5 storey detached
• 3 bedrooms
• 1.5 bathroom
• Easily accessible street parking
• 1235 sqft above grade
• 715 sqft basement
• 20 ft Frontage x 90 ft Depth
• Unfinished basement, ceiling height approximately 5.5ft
• Breaker panel, no knob and tube
• Furnace 18 years old; general maintenance done every year
• Hot water tank approximately 5 years old
• No central AC
• Roof redone 12 years ago with new shingles
• Windows in poor condition
• Built in 1920
• Cosmetically outdated
• C zoning
• NOTE: Sellers have hired a cleaning crew to remove all contents in the house prior to closing

Renovations Needed

• Full interior renovation
• All windows need to be replaced

We are selling our assignable purchase contract for this excellent Fix & Flip or Rental opportunity.

• Wholesale Price: $349,999 or Best Offer
• We believe that this property is worth $400,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $600,000 on the MLS.
• Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis

• 127 Stirton St sold in June 2021 for $400,000. It is a 2 Storey Detached with 3 bedrooms, 1 bathroom, and approximately 900 sqft. The inside of the property is very outdated and requires a full renovation similar to the subject property. In comparison to the subject property, it is similarly outdated but better maintained. The comparable has older laminate flooring throughout the main floor and bedrooms, but its exterior is siding rather than brick. Similar to the subject property, the comparable does not have a garage or parking spaces. Also, the subject property is larger than the comparable. We believe that the subject property would sell at a price similar to this comparable in its current condition on the MLS.
• 483 Cannon St E. sold in July 2021 for $400,000. It is a 2 1/2 Storey Detached with 4 bedrooms, 1.5 bathrooms and is approximately 1300 sqft. The inside of the property is very outdated and requires a full renovation. Similar to the subject property, the comparable has a brick exterior, old tiling on the main floor, street parking and an unfinished basement. However, the comparable does have an extra bathroom, but also has carpeting throughout the upstairs of the home. After making these adjustments, we believe that the subject property would sell at a price similar to this comparable in its current condition on the MLS.
• 14 Birch Ave sold in September 2021 for $637,000. It is a 2 1/2 Storey Detached with 3+1 bedrooms, 2 bathrooms,1 parking space and is approximately 1300 sqft. The inside of the property is fully renovated. The comparable also has a brick exterior and an unfinished basement. However, the comparable does have a parking space in front of the property. We believe, after making these adjustments, that after a full renovation with similar finishes the subject property would sell for a price slightly lower than the comparable on the MLS.