Condo Townhouse in Kitchener! Assigned

  • $447,999
  • 3 beds
  • 2 baths
Assigned
Kingswood Drive, Kitchener, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: June 3rd, 2024
*As per the APS the buyer is responsible for covering the sellers legal fees up to $2000*

About the Property

Check out this 2 storey condo townhouse consisting of 3 bedrooms and 2 bathrooms. There is one overground parking spot allocated to this unit. The property has been partially renovated saving the buyer a costly job. The updates include a new kitchen, removal of popcorn ceiling, potlights, and a new water softener. The property would benefit from cosmetic updates such as flooring and fresh paint. The flooring in the basement is in particularly rough condition. This property is perfect for a beginner or experienced investor looking for a quick wholetail property or adding a potential rental to their portfolio.

Property Details

  • Condo Townhouse
  • 3 bedrooms
  • 2 bathrooms
    • 1 full bathroom
    • 1 half bathroom
  • 1050 sqft above grade
  • 500 sqft below grade
  • Full basement
    • Finished living area + unfinished laundry/mechanical area
    • 7-8ft ceiling height as per seller
  • Windows redone in 2019
    • Covered by condo board
  • Condo fees are $465 per month
    • Covers general maintenance, exterior windows, and roof
  • Roof was redone in 2020
    • Covered by condo board
  • Appliances are included
    • Fridge, stove, dishwasher, washer, dryer
  • Heating is provided by electric baseboard heaters
  • No A/C
  • Water softener is owned
    • Installed in October 2023
  • HWT is a rental
    • 5-10 years old as per seller
  • Electrical is on breaker
    • Copper wiring
  • Property taxes are about $2194
  • Built in 1989

Recommended Renovations

  • New flooring (particularly in the basement)
  • Fresh paint throughout
  • 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 Wholetail or Rental Opportunity.

  • Wholesale Price: $447,999
  • We believe that this property is worth $515,000 “as-is” on the MLS
  • We believe that after a cosmetic renovation, this property should be worth at least $550,000
  • Buy now for 67K BELOW market value!

Comparable Analysis
  • Unit 21 – 219 Kingswood Drive sold for $506,000 just 28 days ago. This condo townhouse sits in the same complex as the subject property but is a bungalow townhouse unlike the subject property which is a 2 storey townhouse. The comparable consists of 2 bedrooms, 2 bathrooms, and has a slightly smaller footprint at 938 sqft. The comparable has 1 less bedroom than the subject property. Cosmetically the comparable property is dated but does have updated flooring. The comparables maintenance fee is the same as the subject property at $465 per month. After making some adjustments, we believe the subject property would sell for around $515,000, in “as is” condition.
  • Unit 43 – 219 Kingswood Drive sold for $514,000 in October 2023. The comparable property is a condo townhouse and consists of 3 bedrooms and 2 bathrooms and has a similar footprint to the subject property at 1048 sqft. The comparable is dated throughout with some minimal updates to the kitchen. The comparable has 2 parking spots unlike the subject property that has 1 spot. The condo fees are slightly lower than the subject property at $454 per month. The market has picked up since October so after making some adjustments, we believe the subject property would sell for around $515,000, in “as is” condition.
  • 19 – 11 Grand River Boulevard sold for $575,021 in July 2023. This condo townhouse consists of 3 bedrooms and 2 bathrooms and has a similar footprint. The comparable is more updated than the subject property but still not a true ARV. Unlike the subject property the comparable has two parking spots. The condo fees are lower than the subject property at $454 per month. The comparable is an eight-minute drive to the subject property. Therefore after adjustments, a full cosmetic renovation, and depending on finishes, we believe the subject property would sell for a price of around $550,000.
Price:
$447,999
Address:
Kitchener
Bedrooms:
3
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Condo

Call 647-930-0291 for more details