Cheapest Semi-Detached 2-Storey in Elliot Lake! Assigned

  • $129,999
Assigned
London Crescent, Elliot Lake, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: January 9th, 2025
**BUYER TO ASSUME TENANT AT $1575 PER MONTH + HYDRO**

** Realtors bring us a client and add your commission on top of the purchase price**

About the Property

Looking for a CASH FLOWING single family property… YES you read that right!

Phenomenal opportunity to purchase a semi-detached 3 bed, 2 bath 2-storey rental property! The subject property has a footprint of 1130 sqft and sits on a 49 ft x 152 ft lot. The property is currently being rented out to AAA tenants at $1575/month +hydro, meaning at this purchase price a buyer can easily cash flow monthly! The basement is  partially finished with a walk-out and there is no garage. The interior is relatively well-kept and turn-key, although some cosmetic updates could be applied if wanted, for example, to the kitchen cabinets and stairs. Also the roof was replaced last year, fortunately, saving the buyer a costly job! This property is perfect for an investor seeking a long-term hold or a BRRR to kick off the new year!

Property Details

  • Semi-detached 2 storey
    • Brick and siding
  • 3 bed
  • 2 bath
    • 1 full
    • 1 powder
  • Tenant paying $1575/month + hydro
  • 1130 sqft above grade
  • 548 sqft below grade
  • Partially finished basement
    • Walk-out
  • Built in 1977
  • Appliances included
  • No garage
    • Shed on property
  • Breaker panel
  • No A/C
  • Baseboard electric heaters
  • HWT is a rental, buyer to verify age
  • Roof was done in 2023
  • Windows, some have been updated
  • Property taxes are $1089
  • Lot size is 49.2 ft x 152.03 ft
  • Zoning is R1

Recommended Renovations

  • Long term renos that can be done once tenants leave
    • Consider adding HVAC
    • Consider replacing some windows
    • Consider cosmetic updates
    • Consider converting the basement into finished living area or basement apartment
Pictures and More
The Numbers

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

  • Wholesale Price: $129,999
  • We believe that this property is worth $170,000 as-is on the MLS
  • We believe that after some small cosmetic renovations this property should be worth at least $200,000 on the MLS
  • Purchase today for $40K BELOW MARKET VALUE

Comparable Analysis
  • 37 Lawrence Avenue sold for $180,000 in September 2024 after only 17 days on the market! This comparable is a semi-detached back-split that came with vacant possession. The comparable has 2 beds and 2 bathrooms, a footprint of 700-1100 sqft and sits on a slightly smaller lot size of 39 ft x 147 ft. The comparable is in similar condition cosmetically on the inside to the subject, although the basement is finished and it has an HVAC system. Therefore, we believe after adjustments, the subject property would sell for at least $170,000 on the MLS!
  • 17 Pearson Drive sold for $195,000 in April 2024. This comparable is a semi-detached bungalow that has 3 beds, 2 bathrooms and has a footprint of 700-1100 sqft. The comparable sits on a slightly smaller lot size of 29 ft x 133 ft. The comparable has a finished basement as well as an HVAC system, unlike the subject. The interior is in worse condition than the subject and there is no garage. Therefore we believe, after adjustments, the subject property would sell for at least $170,000 on the MLS!
  • 91 Farquhar Place sold for $160,000 in April 2024. This comparable is a semi-detached bungalow that has 3 beds, 1 bath and has a footprint of 700-1100 sqft. The comparable sits on a slightly smaller lot size of 36 ft x 101 ft and is similar condition on the inside. The comparable has an HVAC system and an unfinished basement, also featuring a 1 car carport. Therefore we believe, after adjustments, the subject property would sell for at least $170,000 on the MLS!
Price:
$129,999
Address:
Ellioit Lake
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details