| Graham Avenue North, Hamilton, Ontario
Offer Date: First Come First Serve!
Closing Date: February 28, 2023
About the Property
Check out this detached 1 3/4 storey house in Hamilton, consisting of 3 bedrooms, 1 bathroom and is approximately 1293 sq ft. This house is in need of a complete cosmetic renovation to maximize its full potential! The kitchen and bathroom are both extremely dated and the walls are plaster throughout. There is also a leak in the primary bedroom which is coming through the ceiling, therefore the ceiling will need to be re-done. We believe the leak is originating from the roof, as it also needs to be replaced. Although the basement is unfinished, there is a side entrance that can lead to the basement. The property has been vacant for almost two years, but has been maintained to ensure that there are no structural issues. Since the property has been vacant, the water has been shut off since the middle of 2021. This property is perfect for a beginner or experienced investor looking for a fix and flip or adding a potential rental to their portfolio.
About the Neighbourhood
The subject property is located in the Crown Point neighbourhood in Hamilton. The property is located in a perfect area for rentals, as it is a short walk to all local amenities. Hamilton is very popular for investors looking for rental properties as local employment and accessible transit makes it one of Ontario’s big metro areas! The Hamilton GO Centre is located about 12 minutes away from the subject property with trains extending east to Toronto and west to Niagara. Hamilton is also very accessible by bus, as the HSR is consistently a reliable option for locals. Also, Hamilton is very easy to travel to and from, with the QEW and Highway 403 connecting it to all other major Southern Ontario cities.
Property Details
- Detached 1 3/4 storey house
- 3 bedrooms
- 1 bathrooms
- 1293 sqft above grade
- 634 sqft below grade
- No garage
- Windows are old and need to be replaced
- Roof needs to be re-done as there is a leak coming into the primary bedroom
- Separate entrance to the unfinished basement
- Poured concrete
- 6.5ft ceiling height
- Breaker panel, copper wiring
- Furnace is owned, 5 years old
- HWT is a rental, and is currently drained
- The water has been shut off since the middle of 2021
- No A/C
- Property taxes are about $2515
- 35ft by 105ft
- Built in 1923
- Zoning: R1a (as per Hamilton zoning map here)
Recommended Renovations
- Full cosmetic renovation throughout
- Replace the roof
- Re-do the ceiling in the primary bedroom and main entranceway
- Replace the windows
- 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 opportunity or Rental Opportunity.
- Wholesale Price: $409,999
- We believe that this property is worth $485,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $605,000
- Buy now for 75K BELOW market value!
Comparable Analysis |
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- 26 Park Row S sold for $510,000 in November 2022. The comparable property is a 3 bedrooms, 2 bathroom detached 1 3/4 storey house. It is very similar in sq ft as the subject property and sits on a similar size lot. The comparable does have a newly renovated 2nd bathroom, whereas the subject property only has 1 bathroom. Some minor renovations have begun on the comparable, but it is still very dated throughout and would need a full cosmetic renovation, similar to the subject property. The comparable property is heated by a boiler, whereas the subject property does have a furnace. After adjustments, we believe that the subject property would sell for a price around $485,000 “as-is”.
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- 98 Ottawa Street S sold for $687,000 recently in the beginning of January 2023. This detached 1 3/4 storey consists of 3+1 bedrooms, 2.5 bathrooms and is similar in sq ft to the subject property. The comparable was renovated throughout with a bedroom and bathroom added in the basement. Therefore, after adjustments and a full renovation, we believe the subject property would sell for at least $605,000 on the MLS.
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- 76 Kenilworth Avenue S sold for $700,000 in November 2022. This 3 bedroom, 2 bathroom detached 1 3/4 storey is slightly larger in size than the subject property but sits on a similar lot size. The comparable does have a detached garage in the backyard, whereas the subject property does not have a garage. The comparable was nicely renovated throughout but does not have a separate entrance to the basement. After adjustments, and after a full renovation, we believe the subject property would sell for around $605,000 on the MLS
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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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