| Forest Drive, Ajax, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: March 30, 2023
The seller has the option to shorten closing to March 1, 2023 given notice is provided by February 8, 2023 or extend closing to April 14, 2023 given notice is provided by March 13, 2023
About the Property
Check out this detached 2-storey house in Ajax, consisting of 4+1 bedrooms and 4 bathrooms. This property sits on a very nice lot that backs onto a forest park. The basement can be rented as a separate 1 bedroom apartment as there is a full kitchen and full bathroom. There is also a separate entrance through the carport that goes directly to the basement. The property is quite dated throughout, but has been well maintained. The roof does have solar panels and the buyer would have to assume the contract with Grasshopper Energy for another 15 years. The exposed portion of the roof was replaced in 2022. This property is perfect for a beginner or experienced investor looking for a quick fix and flip or adding a potential rental to their portfolio.
About the Neighbourhood
The subject property is situated in a very desirable neighbourhood in South-East Ajax. Ajax is located East of Toronto and West of Oshawa. The subject property is located south of the 401 and is close to other major highways such as the 412. Surrounded by countless amenities such as restaurants, Home Hardware, LCBO, Walmart, Tim Hortons, Winners, Starbucks… the list goes on! The Lakeridge Health Ajax Pickering Hospital is located only 5 minutes from the subject property!
Property Details
- Detached 2 Storey House
- 4+1 bedrooms
- 4 bathrooms
- 2 full bathrooms
- 2 half bathrooms
- 1740 sqft above grade
- 885 sqft below grade
- Basement can be used as a separate apartment with one bedroom, one full bathroom, and one kitchen
- Separate entrance through the carport to the basement
- Windows were replaced 8 years ago
- Exposed portion of the roof was redone in 2022
- Solar panels on the rest of the roof, under contract with Grasshopper Energy, buyer to assume contract
- Company paid upfront cost to install and rent sellers roof
- Cost to remove them is approximately $2,500
- Buyout is calculated through formula in the contract, approximately
$30,000
- Buyout needs to happen prior to removing the panels
- Owner will reap all benefits of the panels once the 25 year lease
expires (approx 15 years)
- Furnace is owned, 10 years old
- HWT is a rental
- A/C is a rental
- Foundation looks solid
- Property taxes are about $4533
- 60ft by 139ft
- Built in 1956
- Zoning: R1-B
Recommended Renovations
- Updating needed on main floor and basement apartment
- 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: $759,999
- We believe that this property is worth $840,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $925,000
- Buy now for $80K BELOW market value!
Comparable Analysis |
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- 15 Heatherwood Road sold for $870,000 in November 2022. This 4 bed, 3 bath property is in a the same neighbourhood as subject property and is similar in sq ft. The comparable property does sit on a slightly smaller lot and does not back onto a forest park. Although the comparable does have a little more curb appeal and does have a garage, it is also dated throughout like the subject property. It is important to note that the comparable does not have a separate basement apartment with a bedroom or kitchen. After making some adjustments, we believe the subject property would sell for around $840,000, in “as is” condition.
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- 25 Emperor Street sold for $840,000 in December 2022. The comparable features 4 bedrooms and 2 bathrooms and is a side-split. The comparable does not have a full basement, as part of it is a crawl space. The subject property has a full basement which can be used as a separate apartment consisting of one bedroom, one bathroom, and a kitchen. The comparable does have a single car garage, whereas the subject property only has a carport. The comparable property is very dated throughout and actually seems to be in worse condition than the subject property. Also, the comparable does have a smaller lot than the subject property and does not back onto a forest park. After adjustments, we believe that the subject property would sell for around $840,000, in “as is” condition.
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- 5 Strathy Road sold for $925,000 in October 2022. This detached side-split consists of 3+1 bedrooms and 2 bathrooms. The comparable is less superior than the subject property as it has one less bedroom above grade and two less bathrooms. The comparable is similar to the subject property as it does have a separate basement apartment with a kitchen. But, the comparable does have a garage, whereas the subject property has a carport. However, the comparable does not have the privacy of backing onto a forest park as the subject property does. Considering the superior qualities of the subject property, as well as the slight change in the market, we believe after a cosmetic renovation, the subject property would sell for a price around $925,000.
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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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