Condo in Bowmanville!

QUICK CLOSING!

Quick Fix and Flip or Rental Opportunity

$55K BELOW Market Value!

Aspen Springs Dr, Bowmanville

Offer Date: FIRST COME FIRST SERVE
Closing Date: March 3rd, 2025

*Buyer agrees to pay the sellers legal fees up to $2000*
*Still awaiting status certificate from property management*

About the Property

Looking for a quick Fix and Flip where majority of the demo is complete for you? This condo consists of 1+1 beds, 1 bathroom and is approximately 920sqft. There is one above ground parking spot allocated to this unit. The property has undergone some demolition work due to the previous tenant being a hoarder, along with major junk removal. Therefore all you have to do is put in the finishes and List for sale or rent! The property consists of a stackable washer and dryer, and has its own hot water tank and furnace. This property is perfect for any investor looking for a quick, strategic flip to start off the summer!

About the Neighbourhood

The subject property is situated in the city of Bowmanville in Durham Region. Bowmanville is a growing city, located east of Oshawa and perfectly off of Highway 401. As the city has grown immensely over the years, the access to amenities and transportation have as well! The property is walking distance to schools, restaurants, shops and parks making this perfect for any family or couple. Although the GO train does not extend to Bowmanville, there are GO bus routes that run west to Oshawa and the GTA making coming in and out of the city very easy!

Property Details

Condo
Located on 3rd floor
2 bedrooms
- 2 beds as per geo currently set up as a 1+1 bed
1 bathroom
920 sqft
1 parking (Above ground)
Fridge, stove, washer, dryer, dishwasher are included
- Appliances are included in as-is condition
Condo fees are $510/month
- Roof, windows, exterior maintenance, snow removal and general area maintenance covered in condo fees
Furnace and Hot water tank in the unit
- Furnace is from 2005 works well as per seller
- HWT owned, also original as per seller
Electrical is on a breaker panel
- Cooper wiring
Property taxes are about $2737
Built-in 2004

Recommended Renovations

Strategic cosmetic renovation
- updates include: some flooring, bathroom and kitchen if desired
Seller has the option to leave junk behind so we would 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: $379,999
We believe that this property is worth $435,000 “as-is” on the MLS
We believe that after a cosmetic renovation this property should be worth at least $530,000. $150K spread on an easy Fix&Flip!!
Buy now for 55K BELOW market value!

Comparable Analysis

Unit 106 – 136 Aspen Springs Drive sold for $570,000 in January 2025. This 2 bed 1 bath condo unit is between 900-999 sqft and has 2 above parking spots as per the listing. The comparable is located in a different complex than the subject property and seems to be a bit newer as the maintenance fees are $429/month. The comparable has not been renovated throughout and still has carpeting and the original kitchen; however it has been very well kept. Therefore we believe in its current shape, the subject property would sell for a price significantly under the comparable, around $435,000 on the MLS.

Unit 108 – 83 Aspen Springs Dr sold for $525,000 in November 2024 after 37 days on the MLS. This 2 bed 1 bathroom condo unit is between 700-799 sqft and is located on the 1st floor. Different than the other units, it has a small patio area rather than a balcony which some buyers may find more appealing. Cosmetically the comparable is very well kept but it does not have many upgrades apart from the kitchen countertop and some laminate flooring throughout. Therefore we believe after a full renovation, with adjustments due to condo size and being on a higher floor the subject property would sell for a price around $530,000.

Condo in Bowmanville! Assigned