Detached 1 3/4 Storey House in Welland! Assigned

Deere Street, Welland, Ontario

About the Property

This detached 1 and 3/4 storey house consists of 4 bedrooms (The master bedroom is on the main floor and the 3 additional bedrooms are on the second floor), 2 bathrooms and is 1550 sqft. The basement is unfinished with approximately 7ft ceilings. Some of the windows have not been replaced within the last 10 years, but some have been replaced less than 5 years ago. The roof is in good condition as it was replaced less than 5 years ago. The furnace is owned and was replaced 5 years ago. The A/C and HWT are both rented, but the A/C was replaced 3 years ago. The electrical panel is on breakers and has copper wiring. All plumbing was updated about 10 years ago. Weeping tile was added in 2016 and there have been no leaks. The only renovation that was completed inside the property was new laminate flooring in the living and dining room, which was done in 2020. The entire house would greatly benefit from a full cosmetic facelift.  This property is ideal for an investor looking to add a fix and flip to their portfolio.

About the Neighbourhood 

The subject property is situated in a desirable neighbourhood in the south-side part of Welland. Welland is about a 20 minute drive south of St. Catharine’s and about a 50 minute drive to the Buffalo border. The subject property is close to countless amenities such as restaurants, Shoppers Drug Mart, Tim Hortons, FreshCo, and schools. The subject property is also only a 5 minute drive to the Welland County General Hospital.

Property Features

• Detached 1 3/4 storey house
• 4 bedrooms
• 2 bathrooms
• 1550 sqft above grade
• 913 sqft below grade
• Property taxes are about $2479
• Breaker panel with copper wiring
• Built in 1955
• Furnace is owned and replaced 5 years ago
• A/C and HWT are rented
• Roof was redone in less than 5 years ago
• Some windows are original, some have been replaced in the last 5 years
• 60ft x 110ft
• RL2 Zoning

Recommended Renovations

• Full Cosmetic Update
• Add full fan in upper level bathroom
• Replace the windows that are original
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $479,999 or Best Offer
• We believe that this property is worth $525,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $650,000 on the MLS
• Purchase today for $45K BELOW MARKET VALUE

Comparable Analysis

• 28 Dunkirk Road sold for $540,000 recently in May 2022. The comparable is only a 1/2 storey but is a very similar size and also dated throughout. The comparable does have a partially finished basement with an additional bedroom, whereas the subject property has an unfinished basement. The subject property has a stucco exterior, whereas the comparable has siding. The comparable also has a detached garage, whereas the subject property does not. Also, the subject property is situated in a more desirable neighbourhood of Welland. Therefore, after adjustments, we believe the subject property would sell for at least $525,000 on the MLS “as-is.”
• 221 Wright Street sold for $650,000 in March 2022. The comparable consists of 3+1 bedrooms and 2 bathrooms, but is only a 1 1/2 storey and is smaller. Although the comparable has a detached garage and the subject property doesn’t, the kitchen in the comparable is not newly renovated. The comparable also has a boiler, whereas the subject property has a furnace. Therefore after adjustments, and accounting for the market change, we believe the subject property would sell for around the same amount currently on the MLS.