| Plowman Dr, Ajax, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: March 31st, 2023
About the Property
Another deal in GTA EAST! This 2 storey property contains 3 bedrooms, 2.5 bathrooms and sits on a 37 ft x 107 ft, pie shaped lot! According to MPAC the property is approximately 1852 sqft above grade and 1017 sqft below grade. This property is decently well maintained but would definitely benefit from a cosmetic renovation to bring it back to its glory! The basement is currently used as a bedroom and living room, with potential to make it a legal bedroom. Structurally this property is incredible, with no foundation cracks or leaks in the property! Since the property is a raised two storey, the basement ceiling height is around 8ft. The basement does have drop ceiling tile as well which would need to be updated to drywall if an investor is looking to maximize the property’s ARV. The roof was redone about 10 years ago, along with the main and top floor windows. The basement windows are older however and would need to be replaced. This property is perfect for a beginner or experienced investor looking for a fix and flip property or BRRR in the city of Ajax!
About the Neighbourhood
The subject property is situated in Central Ajax, just off of Highway 401 and Westney Road S. Ajax buyers will recognize this intersection south of Kingston Rd, west of Harwood Ave S, as a pocket in Ajax that trades at a premium! Ajax is located east of Toronto, approximately 40 minutes from downtown Toronto to Ajax. Throughout the market drop, Ajax maintained its strong price point, due to the high demand for the area. From July 2022 to January 2023, there has only been a 5% drop in prices in Ajax Central. The city has very accessible transit as well with routes extending East to Oshawa and West to Toronto! The subject property is wonderfully located around countless amenities, such as Sobeys, countless restaurants and community centers making this a perfect location for a family!
Property Details
- Detached 2 Storey
- 1.5 car garage
- 3 bedrooms on the top floor
- 2.5 bathrooms
- Top floor: 1 full bathroom, 1 full ensuite attached to primary bedroom
- 1 powder room on main floor
- 1852 sqft above grade
- 1017 sqft below grade
- Main and upper floor windows were replaced approximately 10 years ago
- Roof was redone approximately 10 year ago
- Furnace is owned and 10 years old
- Central A/C – 3 years old, owned
- HWT is a rental, replaced 1 year ago
- Poured Concrete Foundation
- Paved Driveway
- Breaker panel – Copper wiring
- Property taxes are about $5024
- Lot size is 37 ft x 107 ft
- Built in 1986
- Zoning: R1-D (according to Ajax zoning map here)
Recommended Renovations
- Full cosmetic renovation
- Fix Bathroom shower (ensuite) that has sunken tile stepping into standup shower
- 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: $734,999
- We believe that this property is worth $850,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $975,000
- Buy now for 115K BELOW market value!
Comparable Analysis |
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- 5 Addley Cres sold for 865K 8 days ago! This 3 bed 3 bath property has a 2 car garage, similar to the subject property and is similar in size (House sigma estimates between 1500-2000sqft). This property is completely dated throughout and is in need of a full renovation, similar to the subject property. Even in its current condition, the property sold in 5 days on the market, proving how hot the Central Ajax market is! Not to mention the subject property’s lot size is larger than the 30ft x 108ft lot that the comparable has! We believe in its current condition, the subject property would sell for a price similar to the comparable on the MLS!
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- 16 Pembry Dr sold for 988K in July 2022. The comparable property has 3+1 bedrooms, 3 bathrooms, a 2 car garage and is approximately 1885 sqft. The comparable property has had some updates throughout, specifically in the kitchen where pot lights were added, and the cabinets were painted. However, majority of the property is still quite dated and could use updating. The comparable property basement is quite dated as well and would need a renovation as well. Although this property sold in July 2022, according to TREB, there has only been a 5% drop in Ajax central prices from July to Dec 2022, showing how strong the market is. Thus we believe after a renovation with superior finishes, this property should sell for a price around 975K.
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- 23 Longstaff Dr sold for 999K 2 days ago on January 29, 2023. This 3 bedroom 3 bathroom property has a 1 car garage and is approximately 1500-2000 sqft according to House Sigma. This comparable has been renovated within the past few years, however does have some areas with carpet and older ceramic flooring. The 46ft x 106ft lot is larger than the subject property as it is a corner unit as well. However, the subject property is located in a more superior pocket, which is extremely desirable to end users, causing them to trade at a superior price. We believe after a full renovation, the subject property should be worth around 975K.
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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 after purchasing one of our properties 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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