Detached 1.5 Storey House on Massive Lot in Fort Erie! Assigned
Offer Date: June 8, 2022 Closing Date: July 29, 2022Lavinia Street, Fort Erie, Ontario
About the Property
This detached 1.5 storey house consists of 2 bedrooms and 1 bathrooms and is 999 sqft. The property has a crawl space and there was a minor crack in the foundation that needs to be fixed. The property comes with electric baseboard heating and there is no A/C. There is a rented tankless water heater and it was put in 8 years ago. The roof needs to be redone as per seller and most windows were replaced 10 years ago. This property requires a full cosmetic renovation and in the loft the stairs need to be fixed along with some electrical. The curb appeal needs to be improved along with the porch as it’s started to drop. The property sits on a double lot but may require a minor variance in order to sever, buyer to verify. This property is perfect for an investor looking to add a BRRR, fix and flip or severance opportunity to their portfolio.
About the Neighbourhood
The subject property is situated in Fort Erie close to the Peace Bridge that fronts the USA and Canada border. The subject property is located just a short drive to the Niagara Health – Fort Erie Hospital and and surrounded by countless amenities such as Walmart, Sobeys, LCBO, Shoppers Drug Mart, Starbucks, Canadian Tire and much More. Fort Erie is located about a 20 minute drive to Niagara Falls making it a very attractive neighbourhood for a rental.
1.5 Detached House
999 sqft above grade
Property taxes are about $2762
Electric baseboard heating
Rented tankless water heater
Built in 1908
Roof needs to be replaced
Most windows were replaced 8 years ago
92ft x 148ft
Increase the curb appeal
Full cosmetic renovation
Fix the porch
Fix upstairs loft stairs and electrical in loft
Consider severing the lot or adding a coach house (buyer to verify with city)
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: $339,999 or Best Offer
We believe that this property is worth $425,000 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 $85K BELOW MARKET VALUE
158 High Street sold for $475,000 in May 2022. This comparable is a bungalow and consists of 2 beds 2 baths. The comparable is approximately the same size as the subject property but it has a basement as opposed to a crawl space. The comparable is aluminium siding and outdated throughout. However the subject property has a much larger lot. Therefore, after adjustments, we believe the subject property would sell for at least $425,000 “as-is” on the MLS.
129 Lavinia Street sold for $499,900 in April 2022. This bungalow consists of 2 beds 1 bath and is smaller in size than the subject property. It has had some renovations done to it with modest finishes. The comparable sits on a smaller lot size as compared to the subject property. Therefore, after adjustments, and depending on finishes, we believe the property would sell for at least $500,000 on the MLS.