Kennedy Avenue, Kitchener, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: February 28th, 2025
***Buyer to cover sellers legal fees up to $2,000.00***
**Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for your next flip or rental in Kitchener? This detached 2-storey is a prime opportunity for investors! With 3 bedrooms, 1 full bathroom, a detached 1 car garage and a solid 1105 sqft footprint, this property has great potential. The detached garage is accessible via a city owned laneway. The property sits on a lot with a frontage of 45 ft and a depth of 120 ft. The basement is unfinished with a 6 ft ceiling height and a separate entrance. The property is outdated throughout and will require a full cosmetic renovation. There was a sewage backup 2 years ago which was not remediated correctly resulting in potential mold and e coli contamination in the basement as per the seller. On January 29th, 2025 there was a water leak in the basement due to two copper pipes being disconnected. The water was shut off and there was no visible damage caused by the leak as the basement is unfinished. This property is a great opportunity for an investor looking to finish the winter season with a fantastic flip or an investor looking for a great rental property in Kitchener.
About the Neighbourhood
Kitchener is located in the Tricity area approximately 40 minutes west of the Greater Toronto Area. Downtown Kitchener is only 6 minutes away providing countless amenities. Kitchener Go is only 8 minutes away and there are multiple bus stops within a 2 minute walk providing easy transportation for commuters. HWY 401 is 10 minutes away proving easy access east towards the Greater Toronto Area and west towards London.
Property Details
- Detached 2-storey
- 3 bedrooms
- 1 full bathroom
- 1105 sqft above grade
- 704 sqft below grade
- Basement is unfinished
- 6ft ceiling height
- 5ft 7 inches under bulkhead
- Has separate entrance
- Appliances included in AS-IS condition
- Fridge, stove, washer, dryer
- Electrical panel is breaker
- Furnace is owned
- 10 years old as per seller
- No A/C
- Installed in 2011 as per seller (buyer to verify)
- Water heater is rented
- 3-4 years old
- To be assumed by buyer
- Roof replaced in 2016
- Windows are mostly vinyl
- Seller unsure of exact age
- 1 car detached garage
- Accessible from laneway which is city owned
- Built in 1944
- Lot size is 45ft x 120ft
- Property tax around $2838
- R-5 Zoning
Recommended Renovations
- Cosmetic renovation
- Consider finishing basement
- Inspect for and possibly remediate mold
- The 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 & Flip or
Buy & Hold opportunity.
- Wholesale Price: $464,999
- We believe that this property is worth $530,000 on the MLS
- We believe that after a full cosmetic renovation, this property should be worth at least $665,000 on the MLS.
- Purchase today for $65K BELOW MARKET VALUE
Comparable Analysis
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- 168 Duke Street East sold for $550,000 just 4 days ago after only 7 days on the market. This comparable detached 2-storey consists of 3 bedrooms, 1 bathroom, and has a similar footprint of around 1152 sqft. The property sits on a similar 45 ft x 110 ft lot and has an unfinished basement similar to the subject property. Additionally, the comparable property is outdated similar to the subject property however it is a century home that could potentially require more extensive renovations. Unlike the subject property, the comparable has a brick exterior and no garage. Therefore we believe, after adjustments, the subject property would sell for a price of at least $530,000 on the MLS in AS-IS condition!
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- 11 Sheldon Avenue South sold for $685,000 in December 2024. This comparable detached 2-storey consists of 3 bedrooms, 2 bathroom, and has a slightly larger footprint of around 1282 sqft. The property sits on a similar 40 ft x 114 ft lot and has an partially finished basement unlike the subject property. Additionally, the comparable property has been updated throughout unlike the subject property. Unlike the subject property, the comparable has a stucco exterior, a extra bathroom, and no garage. Therefore we believe, after adjustments and a full cosmetic renovation the subject property would sell for $665,000 on the MLS!
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- 55 Fairmount Road sold for $620,000 just 11 days ago after only 8 days on the market. This comparable detached 1.5-storey consists of 4 bedrooms, 2 bathroom, and has a larger footprint of around 1532.5 sqft. The property sits on a similar 45 ft x 100 ft lot and has an unfinished basement with a separate entrance similar to the subject property. Additionally, the comparable property has had some updates throughout unlike the subject property but is not a true arv example. Unlike the subject property, the comparable has a partially brick exterior, an extra bathroom, an extra bedroom. and no garage. Therefore we believe, after adjustments and a full cosmetic renovation, the subject property would sell for $665,000 on the MLS!
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