| Fairway Avenue North, Kitchener, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: May 2nd, 2023
*As per the APS the main fridge and stove will be taken from the seller, only the dishwasher, washer/dryer and basement fridge will be left behind*
About the Property
Check out this 2 storey condo townhouse consisting of 3 bedrooms and 2 bathrooms. There is one underground parking spot allocated to this unit. The property had a leak from the bathtub tiles that has since been fixed but you can see the residue on the living room ceiling. There is popcorn ceiling throughout the main floor but is missing on where the leak seeped through as it was poorly redone. There was a previous leak in 2016 in the front of the house foundation but no leak or moisture since the found the foundation was fixed. Overall, this property is in great condition but would benefit from a full cosmetic renovation. 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.
About the Neighbourhood
The subject property is situated in the Chicopee neighbourhood of Kitchener. The property is located a short drive away from Fairview Park Mall and less than a 10 minute drive to Downtown Kitchener. Kitchener is located perfectly in Southwestern Ontario, a short drive over to Cambridge and Guelph along the 401 East, and about 1hour 15mins to London along the 401 West. Kitchener has excellent transportation specifically the Grand River Transit which has bus routes and LRT routes all throughout the city. Also, the Kitchener GO train is a 10 minute drive from the property, with routes extending east to Toronto and West to London. The property is also perfectly located around countless amenities, which is extremely desirable for an end user!
Property Details
- Condo Townhouse
- 3 bedrooms
- 2 bathrooms
- 1 full bathroom
- 1 half bathroom (potential to convert into a full bathroom)
- 1283 sqft above grade
- 635 sqft below grade
- Full basement
- Potlights throughout
- 8ft ceiling height
- 7ft ceiling height under the bulkhead
- Upper windows were redone within the last couple of years
- Lower windows are in good condition, seller is unsure of age
- Condo fees are $559.23
- snow removal, outdoor maintenance, waste disposal, exterior windows, roof and exterior doors.
- Roof was redone in 2021
- Furnace is owned and purchased in 2007
- HWT is a rental with reliance
- Electrical wiring has been pigtailed from aluminum to copper
- Fuse box is still there that connects to a new breaker panel, which allows for the new copper wires in the basement
- All power is controlled by the breaker panel
- A/C is owned and purchased in 2016
- Property taxes are about $2937
- Built in 1972
Recommended Renovations
- Remove popcorn ceiling throughout
- 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: $349,999
- We believe that this property is worth $400,000 “as-is” on the MLS
- We believe that after a cosmetic renovation this property should be worth at least $500,000
- Buy now for 50K BELOW market value!
Comparable Analysis |
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- Unit 30 – 293 Fairway Road North sold for $405,000 in October 2022. This condo townhouse sits in the same complex as the subject property but is an end unit. The comparable consists of 3 bedrooms, 2 bathrooms, and is about the same size in sq ft. Cosmetically the comparable property is dated, specifically the kitchen but does have updated appliances. The flooring does seem to be well maintained but comes with an unfinished basement. One of the bathrooms is dated and the other has a shower making it a full bathroom but has no drywall and is sitting on concrete. After making some adjustments, we believe the subject property would sell for around $400,000, in “as is” condition.
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- Unit 44 – 211 Veronica Drive sold for $476,027 in January 2023. The comparable property is a condo townhouse and consists of 3 bedrooms and 2 bathrooms. The comparable is dated in some areas of the home and updated in others. Similar to the subject property the kitchen is dated and in need of a lipstick update. The condo fees are lower than the subject property but the comparable is also smaller in size than the subject property. The comparable is a two minute drive to the subject property. After making some adjustments, we believe the subject property would sell for around $400,000, in “as is” condition.
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- 19 – 11 Grand River Boulevard sold for $495,000 in November 2022. This condo townhouse consists of 3 bedrooms and 2 bathrooms. The comparable is more updated than the subject property but still dated in some areas, specifically the kitchen. The condo fees are lower than the subject property. The comparable is a two minute drive to the subject property. Therefore after a full cosmetic renovation, and depending on finishes, we believe the subject property would sell for a price around $500,000.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcapital.ca |
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| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Jocelyn at 647-930-0291. Jocelyn can answer any questions you have and set up a time to view the property.
Please Do Not Go Directly to the Property
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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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