Detached 2 Storey House in Midland!

Fix and Flip Opportunity

CHEAPEST FREEHOLD PROPERTY AVAILABLE IN MIDLAND

$50K BELOW Market Value!

Robert Street, Midland, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: February 12th, 2025

PLEASE NOTE: There is currently an Order to Prohibit Use or Occupancy of the Building due to the building being deemed unsafe. The steps required to remediate the order are: 1. ESA inspection, 2. Install glass in windows and 3. Occupancy inspection to ensure the above is completed. The full work order can be seen in the link here

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

About the Property

Looking for your next fix and flip or fix and hold only 45 minutes north of Barrie? Look no further; this property in Midland is in desperate need of a heavy clean up and gut job after being occupied by squatters. It’s 1472 square feet in size, 4 bedrooms, 1 bathroom, and sits on a corner lot of 82.5 x 69.5 feet with a 1 car detached garage. It also has a half-basement with 5’5ft-6ft foot ceilings for storage and utilities. The rock and stone foundation appears to be in good condition, with no moisture in the basement or unevenness in the flooring. The exterior of the property is in need of a cleanout and refresh as well with damage done in certain areas to the siding and roof. Located directly across from an elementary school and with good bones, this property has great rental potential as well! This property will NOT last!

About the Neighbourhood

This property is located in the South end of Midland near one of the main intersections of Yonge and King street. Midland is located about 45 minutes North of Barrie off of County Road 93. Highway 400 is located about 30 mins from the subject property which connects to Highway 401 and other major highways. The subject property is within a 10 minute walk or 20 minute drive to all major amenities, including schools, grocery stores, daycare facilities, community centres, public parks and many more.

Property Details

Detached 2 Storey House
4 bedrooms
- 2 on second floor, 2 on main
1 bathroom
Basement is half basement with 5.5ft to 6ft ceiling height
- stone foundation
1472 square feet
Built in 1900
1 car detached garage
Furnace in need of replacing
HWT in need of replacing
No A/C
The property’s hydro is currently off (ESA inspection needed to turn back on)
- Gas and Water may also be turned off as per seller buyer, to verify
Roof to be redone
Windows need to be upgraded
Lot size is 82ft x 69.5ft corner lot
Zoning R3

Recommended Renovations

Full cosmetic renovation
Exterior updates to siding, roof and windows
Finalize work order with city
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: $239,999
We believe that this property is worth $290,000 as-is on the MLS
We believe that after a full cosmetic renovation this property should be worth at least $515,000 on the MLS.
Purchase today for $50K BELOW MARKET VALUE

Comparable Analysis

437 Midland Ave sold for $300,000 in December 2024 after 7 days on the MLS! This 4 bed 2 bath 100+ year old property sits on a 64ft x 164ft lot. Similar to the subject property it is in rough condition and is marketed to developers and investors as a fixer upper. The comparable is similar in size to the subject property sitting at 1100-1500sqft. The comparable does have brick which is more superior than the subject property that has exterior vinyl siding. We believe in its current state the subject property is worth $290,000, which would be the cheapest sale in Midland for a freehold property in the past 3 months!!

289 Elizabeth St sold for $370,000, 1 month ago after 46 days on the MLS. This detached 2 storey consists of 4 beds, 1 bath and is approximately 1344sqft. The comparable does not have a garage, unlike the subject property. This property would need cosmetic renovations however it is definitely livable and rent ready unlike the subject property. However, the property would be considered an entry level home with further renovations needed to increase its value. Similar to the subject property the comparable does not have a full basement and the only livable space is above grade. We believe in as is condition, after adjustments the subject property would sell for a price around $290,000.

514 Queen Street sold for $550,000 in November 2024 after 25 days on the market! This 2+1, 2 bath property sits on a large 55ft x 132ft lot and has a detached garage similar to the subject property. The comparable has less bedrooms than the subject property as the subject property has 4 bedrooms total. The comparable is roughly the same size as the subject property at 1400sqft however it does boast a full finished basement with a bedroom. The comparable has been renovated however it is not fully completed with the best finishes. We believe after a full renovation the subject property could sell for a price around $515,000 on the MLS.

Detached 2 Storey House in Midland! Available