Detached 1.5-Storey House Duplex Potential in Windsor! Assigned

Offer Date: July 15th, 2022
Closing Date: August 22nd, 2022

About the Property

This quaint, detached 1.5-storey house consists of 3 bedrooms and 1 bathroom. It is approximately 1100 sqft and has a partially finished basement with a separate entrance. As seen in the photos there is cat feces all over the property. Since no renovations have been done by the current owner we would recommend a full cosmetic update to  maximize the ARV. There is lots of potential in this property but requires some creativity! Zoning allows for a duplex conversion. This property is perfect for an investor looking for a summer fix and flip.

About the Neighbourhood 

The subject property is situated in a charming neighbourhood located in the west end of Windsor. The subject property is located about a 5 minute drive from Highway 401 which connects Windsor with other major cities in Southern Ontario. It is also less than a 5 minute drive to the American border, connecting Windsor with Detroit. The subject property is situated very close to the University of Windsor, which is only a 10 minute walk away. The subject property is also near countless amenities including Food Basics, Canadian Tire, many restaurants, schools, and much more. The subject property is also only a 10 minute drive to the Windsor Regional Hospital.

Property Details

• Detached 1.5-storey house
• 3 bedrooms
• 1 bathroom
• 1164 sqft above grade
• 873 sqft below grade
• Basement is partially finished with drywall and tiles throughout
• Basement ceiling height is around 8 ft, as per the seller
• Detached 1 car garage
• Property taxes are about $2019
• HWT is a rental
• Furnace is owned
• A/C was purchased in 2019
• Roof was replaced in 2021
• Windows are approximately 10 years old
• Breaker Panel – Copper Wiring
• Built in 1930
• 35ft x 100ft
• RD2.2 Zoning

Recommended Renovations

• Full cosmetic renovation
• Duplex potential
• Owned furnace and rented HWT need to be replaced
• Sewer line is clogged and needs to be fixed
• There is black mould that needs to be removed
• Backwater valve needs to be fixed as there is a small drip in the basement
• 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: $224,999 or Best Offer
• We believe that this property is worth $325,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $500,000 on the MLS
• Purchase today for $100K BELOW MARKET VALUE!!

Comparable Analysis

• 1030 Campbell Avenue sold for $351,000 in June 2022. The comparable is also a 1.5 storey detached house and is similar in sqft. The comparable does have one more bathroom than the subject property, but it does not have a detached garage. This comparable is dated throughout but has been well maintained. The comparable does not have a basement, whereas the subject property does, also with a separate entrance. Therefore, after adjustments, we believe the subject property would sell for at least $325,000 “as-is” on the MLS.
• 990 Bridge Avenue sold for $505,000 in April 2022. The comparable consists of 2+1 bedrooms and 2 bathrooms. The comparable does not have a detached garage. The comparable has been renovated throughout with modest finishes. The comparable comes with a full basement and separate entrance. The comparable comes with an extra bathroom. We believe after adjustments and a full cosmetic renovation, the subject property should sell for at least $500,000 on the MLS.

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