| Elizabeth Street Midland, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 15th, 2025
*The Buyer will be responsible for the Seller’s legal fees, up to a maximum of $2000.*
** Realtors bring us a client and add your commission on top of the purchase price**
Strategies For Success
- Water Damaged: Restoration company hired by seller’s insurance cleaned up and dried most of the water when the original flood occurred. Some walls affected by water damage will need to be replaced and some mold remediation might be required
- Modernize layout: Reconfigure main floor to open-concept living/dining, to optimize the living space.
- Finish basement: Refinish basement to return functionality, or potential secondary suite.
- Add A/C: to boost property value & appeal.
Property Overview
- Detached 2 Storey House
- 3 bedrooms, 2 bathrooms
- 1,132 sqft above ground + 566 sqft below ground
- 29.53 ft x 78.74 ft Lot Size
- Previously finished basement has sustained water damage; ceiling height is approx. 5’10” under the bulkhead and 6’2″–6’6″ elsewhere
- Built in 1930
Mechanical & Systems
- Electrical: Breaker panel
- Furnace: Owned, installed in 2012 (per seller)
- No A/C
- Hot water tank: Installed June 2022 (per seller), to be assumed by buyer
- Water softener Installed in 2016, rental: not assumed by buyer
- Appliances included: fridge, stove, washer and dryer—all in as-is condition
Roof & Exterior
- Roof redone in 2014 (per seller)
- Window installed in 2014 (per seller)
- No Garage
Lot & Location
- Property taxes approx. $2,228
- 3 minute drive from highway 12
- 6 minute drive from highway 93
Important Notes
- Property was affected by a flood and the water has been cleaned out, but no repair work has been done. Insurance payout was taken, leaving a clean slate for a full renovation.
- Seller has the option to leave junk behind—budget recommended for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent Fix & Flip opportunity.
- Wholesale Price: $224,999 or Best Offer
- We believe that this property is worth $275,000 as-is on the MLS
- We believe that after the recommended renovations are completed, this property should be worth at least $490,000 on the MLS.
- Purchase today for $50K BELOW MARKET VALUE
Comparable Analysis |
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- 393 Hannah Street Sold just 7 days ago for $360,000, this property sits on a larger 50 x 100 ft lot and offers a more spacious footprint, listed between 1,500 and 2,000 square feet. It features a 4-bedroom, 2-bathroom layout—one more bedroom than the subject property. While interior details are limited, exterior photos and the listing’s description as a “renovator’s dream” strongly suggest the property requires extensive work, comparable to the subject’s current state. Based on the condition and layout differences, and after adjusting for the subject property’s as-is presentation, we estimate its market value to be around $275,000.
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- 396 Russell Street sold for $400,000, only 5 days ago. The home sits on a larger 50 x 147 ft lot and has a footprint of roughly 1,100 to 1,500 square feet, aligning with the subject in size. It offers a 3-bedroom, 1-bathroom configuration—one fewer bathroom than the subject. While the home has undergone certain improvements, it remains cosmetically dated overall and is therefore not considered a true after-repair value (ARV). It does, however, have a 2-car garage, whereas the subject has none. Considering all relevant differences and the subject’s current as-is state, we estimate its market value to be about $275,000.
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- 414 Elizabeth Street sold for $470,000 in April after 8 days on the market. Situated on a deep 39.99 x 120.6 ft lot, the home offers a comparable footprint of approximately 1,225 square feet, according to the listing. With a 3-bedroom, 1-bathroom layout, it comes with 1 less bathroom compared to the subject property. It also includes a 1-car carport, which the subject lacks. While the home hasn’t been fully renovated, it has been well maintained and has received some minor updates. Taking into account its partially updated condition and the stronger market conditions seen in April, we project that the subject property—once renovations are completed and adjustments are factored in—could command approximately $490,000 on the open market, offering solid resale potential.
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- 179 Fifth Street sold in March for $535,000. Set on a 49 x 99 ft lot, the home has a footprint similar to the subject, ranging between 1,100 and 1,500 square feet. It also shares the same 3-bedroom, 2-bathroom layout as the subject property. Unlike the subject, this home has been fully renovated throughout. Like the subject, it also does not have a garage. Given its updated condition and accounting for the stronger market conditions in March, we anticipate the subject property—once renovated and adjusted accordingly—would be worth approximately $490,000 on the open market.
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