Ferris Lane, Barrie, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: November 4th, 2024

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

About the Property

Check out this Condo Townhouse located in Barrie! This property consists of 3 bedrooms, 2 bathrooms, and is approximately 1082 sqft above grade. The basement is finished with some wood paneling which we would recommend removing. There is no A/C and while the furnace is a rental the seller will be buying this out for closing. The condo corporation is responsible for the roof and windows. This property would benefit from a full cosmetic renovation. If you’re looking for a winter fix and flip or long-term hold, this is the property for you! Call now! This property will not last long!

About the Neighbourhood

The subject property is situated in the Cundles East neighbourhood of Barrie. The property is minutes from the Bayfield Mall just off of Bayfield St and Highway 400. The mall itself has food markets, grocery stores, restaurants and shops that serve the area fantastically! With Georgian college down the street, the property would also serve as a great student rental. The property is minutes from the Highway 400 which runs through Barrie, connecting it North to the Muskoka area and South to Toronto! With the GO train and GO bus running right to downtown Barrie, the property is easily accessible to Downtown Toronto (Union Station)

Property Details

2 Storey Condo Townhouse
3 bedrooms
2 bathrooms
- 1 full bathroom
- 1 half bathroom
1082 sqft above grade
553 sqft below grade
Attached garage
Appliances included in AS-IS condition
- Fridge, Stove, Dryer, Washer
Basement is partially finished
- No separate entrance
- Ceiling Height is roughly 7ft
$600/month maintenance fee
- snow removal, landscaping, water, cabinet, internet, exterior (roof, windows)
- Status certificate has been ordered, maintenance fee to be verified
Breaker panel
- Mix of Copper and Aluminum wiring
Roof redone in 2014 as per seller
- Covered by condo corp
Windows were redone over 15 years ago as per seller
HWT was purchased 10 years ago as per seller
Furnace is a rental, about 12 years old, seller will pay this off for closing
No A/C
Built in 1974
Property taxes are approximately $2105
Zoning RM2

Recommended Renovations

Full Cosmetic Renovation
The 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 $430,000 on the MLS
We believe that after the above recommended renovations are completed, this property should be worth at least $535,000 on the MLS.
Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis

G6 – 63 Ferris Lane sold for $445,000 in July 2024. The comparable condo townhouse consists of 3 beds, 2 bathrooms, and is similar in size. The comparable sits in the same complex and is completely dated throughout. The comparable has a lower maintenance fee of $473 per month however as per the listing this only includes water. Therefore, after adjustments, we believe the subject property would sell for a price around $430,000 on the MLS in AS IS condition.

J1 – 63 Ferris Lane sold for $540,000 in June 2024. The comparable condo townhouse consists of 3 beds, 2 bathrooms, and is slightly larger in size. The comparable sits in the same complex and has been moderately updated throughout. The comparable has a lower maintenance fee of $526 per month however as per the listing this only includes water. Therefore, after adjustments and a full renovation, we believe the subject property would sell for a price around $535,000 on the MLS.

Condo Townhouse in Barrie! Assigned

About the Neighbourhood

Call 647-930-0291 for more details