Hugo Crescent, Kitchener, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: April 5th, 2024
About the Property
Check out this condo consisting of 1 bedroom and 1 bathroom. This condo has a footprint of 820 sq ft. There is one above ground parking spot and one storage locker allocated to this unit. The property will require a full cosmetic renovation. The washer and dryer have been recently replaced however they are being included in as-is condition. This property is perfect for a beginner or experienced investor looking for a quick fix and flip property or adding a potential rental to their portfolio.
Property Details
- Condo
- Located on 2nd floor
- 1 bedroom
- large den and sunroom area as well
- 1 bathroom
- 820 sqft
- 1 parking (Above ground)
- 1 locker
- Fridge, stove, washer, dryer are included
- Appliances are included in as-is condition
- Condo fees are $630/month
- Water and general maintenance of common elements are included
- Utilities are centralized
- Electrical is on a breaker panel
- Property taxes are about $1539
- Built-in 1990
Recommended Renovations
- Full cosmetic renovation
- Seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP or Rental Opportunity.
- Wholesale Price: $279,999
- We believe that this property is worth $320,000 “as-is” on the MLS
- We believe that after a cosmetic renovation this property should be worth at least $385,000
- Buy now for 40K BELOW market value!
Comparable Analysis |
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- Unit 105 – 30 Hugo Crescent sold for $324,000 just 18 days ago! This condo is located in the same building as the subject property however it is on the ground floor while the subject property is on the second floor. The comparable consists of 1 bedroom, 1 bathroom, and is about the same size in sq ft. Cosmetically the comparable property is dated however it is in better condition than the subject property. Similar to the subject property the comparable has 1 parking spot however unlike the subject property the comparable has no storage locker. After making some adjustments, we believe the subject property would sell for around $320,000, in “as is” condition.
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- Unit 207 – 30 Avalon Place sold for $315,000 in October 2023. The comparable property is a condo that consists of 1 bedroom and 1 bathroom. The comparable is dated but has had a lipstick reno done throughout. The condo fees are lower than the subject property but the comparable is also smaller in size than the subject property. The comparable has 1 parking and 1 locker similar to the subject property. The comparable is a six-minute drive to the subject property. After making some adjustments, we believe the subject property would sell for around $320,000, in “as is” condition.
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- Unit 7C-185 Windale Cres sold for $370,000 just 3 days ago! This condo consists of 1 bedroom and 1 bathroom. The comparable has a footprint much smaller than the subject at 538 sq ft. The condo fees are lower than the subject property at $325 per month. Unlike the subject property, the comparable has been updated throughout. The comparable is a seven-minute drive to the subject property. The comparable has 1 parking spot similar to the subject property but does not have a storage locker. Therefore after adjustments and a full cosmetic renovation, we believe the subject property would sell for a price around $385,000.
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