| 3351 Hornbeam Crescent, Mississauga, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 29th, 2024
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Checkout this condo townhouse consisting of 3 bedrooms and 2 bathrooms. This property is in need of a full cosmetic renovation in order to return it to its former glory. The condo corporation is responsible for replacing the roof and windows. The furnace and hot water tank have been updated within the past 5 years saving the buyer a costly job. The A/C unit is outdated and would need to be updated. Additionally the electrical is on fuse panel which would ideally need to be upgraded to breakers. This property would be perfect for an investor looking to end summer off with a home run flip or an investor looking for a great rental property in Mississauga. See below for recommended renovations and how this property can be profitable for YOU!
About the Neighbourhood
The subject property is situated in the Erin Mills neighbourhood of Mississauga. Mississauga is a short drive to Downtown Toronto and other major cities such as Oakville, Etobicoke, Brampton and much more! The QEW is located only 10 minutes away providing access both east towards Toronto and west towards Hamilton. This property is close to countless amenities such as restaurants, Food Basics, Walmart, South Common Mall, University of Toronto, parks, and many more! Erindale Go station is only a 8 minute drive away providing easy transportation for commuters. There are multiple bus stops within a 3 minute walk from the subject property.
Property Details
- Condo Townhouse
- 3 Bedrooms
- 2 Bathrooms
- 1 full bathroom (located on the upper level)
- 1 half bathroom (located on the main floor)
- 1254 sqft above grade
- 627 sqft below grade
- Fuse panel, aluminum wiring
- Appliances included
- Fridge, stove, washer, dryer, dishwasher
- Basement is a finished living space
- 7ft ceiling height as per seller
- HWT is owned
- Furnace is owned
- 1.5 years old
- Serviced annually
- A/C is owned.
- 20 years old
- needs to be replaced
- Roof was redone in 2023
- Responsibility of Condo Corp
- Windows are approximately 10 years old as per seller
- Responsibility of Condo corp
- Attached garage for one car
- Built in 1973
- Condo fees are $358 per month
- Covers water, maintenance, snow removal, and cable
- Property taxes are $3650
- Zoning is RM4
Recommended Renovations
- Full cosmetic renovation
- Consider updating the A/C unit
- Consider updating the electrical panel
- 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 & Flip or Rental Opportunity.
- Wholesale Price: $644,999
- We believe that this property is worth $700,000 “as-is” on the MLS
- We believe that after a full cosmetic renovation this property will sell for at least $820,000 on the MLS
- Buy now for 55K BELOW market value!
Comparable Analysis |
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- Unit 5-3360 Council Ring Road sold for $715,000 in May 2024 after only 7 days on the market! This comparable condo townhouse is located in a different complex within 2 minutes of the subject property. The comparable consists of 3 beds 2 baths and has a footprint of 1200-1399 sqft. The comparable is similar in size and dated throughout similar to the subject property however its in better condition and presents much better. Therefore, after adjustments, we believe the subject property would sell for $700,000 in “as-is” condition.
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- Unit 42-2020 South Millway sold for $835,000 in April 2024. This comparable condo townhouse sits in a different complex approximately 2 minutes away from the subject property. The comparable consists of 3+1 beds and 2 baths. The comparable has a slightly larger footprint at 1400-1599 sqft and has a basement bedroom. The comparable has had some updates done throughout but still is not a true arv. Therefore, after adjustments and a cosmetic renovation, we believe the subject property would sell for at least $820,000 on the MLS.
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- Unit 84-3351 Hornbeam Crescent sold for $795,000 in April 2024. This comparable condo townhouse sits in the same complex as the subject property and consists of 3+1 beds and 3 baths. The comparable is similar in size however it has an additional basement bedroom and an additional bathroom compared to the subject property. The comparable has had some updates done but is still not a true ARV. Therefore, after adjustments and a full cosmetic renovation, we believe the subject property would sell for at least $820,000 on the MLS.
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