Detached 2.5 Storey House in Midland! Assigned

  • $364,999
  • 3 beds
  • 1 baths
  • 1766 sqft

Detached 2.5 Storey House in Midland!

BRRR or Fix and Flip Opportunity

$50K BELOW Market Value!

First Street
First Street, Midland, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: August 8th, 2023

** Realtors bring us a client and add your commission on top of the purchase price**

About the Property

Checkout this beautiful century home in Midland consisting of 3 bedrooms 1 bath with potential to add an additional bedroom in the unfinished loft. This fully brick 2.5 storey home consists of 1766 sqft and requires a full cosmetic renovation to bring it back to its glory! The main floor has been completely gutted and requires drywall and insulation throughout. The driveway is shared with the neighbour and the neighbour has created parking in the backyard which we would recommend also doing with this property. Currently the property is on a 60amp panel but the seller purchased a new 200 amp panel that he will be leaving behind, just needs to be installed. This property is perfect for an investor looking for a summer fix and flip or BRRR project.

About the Neighbourhood 

This property is located on the south side of Midland. Midland is located in between Penentenguishene and Port McNicoll. Barrie is only 35 mins South of Midland. Highway 400 is located about 30 mins from the subject property which connects to Highway 401 and other major highways. The subject property is surrounded by countless amenities such as grocery stores, gas stations, beer store, bakeries, and much more! Downtown Midland is less than a 10 minute walk to the subject property.

Property Details

Prospect Avenue 1st

  • Detached 2.5 Storey House
  • 3 bedrooms
    • Loft is accessed through the primary bedroom and can be converted into an additional bedroom
  • 1 bathroom
  • 1766 squarefeet
  • Built in 1917
  • Driveway is shared with neighbour
    • Parking can be created in the backyard
  • Main floor is fully gutted
    • Upper floor has also been gutted for the majority of the area
  • Currently on 60amp but there is a 200amp panel that will be left behind
  • Basement ceiling height is about 6ft
    • 5.5ft under the bulkhead
  • Furnace purchased in 2013
  • HWT was purchased in 2019
  • No A/C
  • Roof to be redone
  • Some windows in good condition, others (5-6) need to be replaced
  • Property taxes are $1346
  • Lot size is 31ft x 165ft
  • Zoning DCF2zon

Recommended Renovations

  • Full cosmetic renovation
  • Add drywall and insulation
  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal
Pictures and More
The Numbers

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

  • Wholesale Price: $364,999
  • We believe that this property is worth $415,000 as-is on the MLS
  • We believe that after a full cosmetic renovation this property should be worth at least $600,000 on the MLS.
  • Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis
  • 343 First Street sold for $400,000 in April 2023. This comparable consists of 3 bedrooms 1 bath and is smaller in size than the subject property by about 700 sqft. The comparable sits on a similar lot size and is completely dated throughout. Unlike the subject property, the comparable has its own private driveway. Therefore, we believe after adjustments the property would sell for at least $415,000 “as-is” on the MLS.
  • 254 George Street sold for $405,000 11 days ago! This comparable is only a 2 bedrooms 2 bath and is a siding exterior as oppose to brick. The comparable sits on a smaller lot size and is much smaller in size. The comparable does have a detached garage but similar to the subject property is completely dated throughout. Therefore, we believe after adjustments the property would sell for at least $415,000 “as-is” on the MLS.
  • 459 Russell Street sold for $640,000 22 days ago! This comparable consists of 3 bedrooms 3 bathrooms and is smaller in size than the subject property. The comparable has a detached garage and sits on a similar lot size. The comparable has been updated throughout but comes with an unfinished basement. Therefore, we believe after adjustments and a full renovation the property would sell for at least $600,000 on the MLS
  • 485 Midland Avenue sold for $622,600 in May 2023. This comparable consists of 3 bedrooms 3 bathrooms and is smaller in size than the subject property. The comparable has a detached garage on its own driveway and sits on a similar lot size. The comparable has been updated throughout  and comes with a partly finished basement. Therefore, we believe after adjustments and a full renovation the property would sell for at least $600,000 on the MLS
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Need Financing?
Looking for a construction cost estimate?

SLG Renovations will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgrenovations.ca
View our past projects here
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

 
Price:
$364,999
Address:
Midland, ON
Square Feet:
1766
Lot Size:
31ft x 165ft
Bedrooms:
3
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1917

Call 647-930-0291 for more details