| Old Park Lane, Kitchener, ON
Offer Date: FIRST COME FIRST SERVE
Closing Date: September 15th, 2023
The seller has the option to extend the closing to September 22nd, 2023 given notice is provided to the buyer by September 1st 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for a flip within 1 hour of the GTA? Don’t miss out on this opportunity. This 2-storey detached home consists of 3+1 beds and 3 bathrooms. The property sits on a 49ft x 109ft lot and is approximately 2118 sqft. Cosmetically the property could use a full interior renovation. The furnace and A/C are owned however the hot water tank is a rental that will be assumed by the buyer on closing. The roof was redone only 2 years ago saving the buyer a costly repair. The basement is mostly unfinished, however has great ceiling height to finish and add extra living space for an end user. This property would be perfect for a buyer looking to start off September with a BANG!
About the Neighbourhood
The property is located in Kitchener, approximately one and a half hours northwest of Toronto. Kitchener is located north of Hwy 401 and Hwy 8. Being positioned outside of the GTA, Kitchener has become a great residential area as well as a great area for families leaving the GTA. Kitchener also has its own Go Transit train station located only 13 minutes away from the subject property for those looking to commute to work. This property is located perfectly close to all amenities including Tim Hortons, Shoppers Drug Mart, Walmart, LCBO, Winners, and more! The subject property is only a 2-minute drive from Hwy 8 providing easy access to both the GTA as well as the Guelph and Cambridge areas.
Property Details
- Detached 2 Storey
- 3+1 bedrooms
- 3 bathroom
- 2 full bathrooms (1 ensuite in master bedroom)
- 1 powder room on main floor
- 2118 sqft above grade
- 1147 sqft below grade
- Built-in 1989
- Electrical is on Breaker
- Mostly unfinished basement
- 8ft ceiling height, 7ft under bulkhead (buyer to verify)
- Furnace is owned
- A/C is owned
- HWT is a rental
- Rental to be assumed by Buyer
- Replaced last year
- Roof was redone 2 years ago as per seller
- Upper-level windows are 4-5 years old as per seller
- Basement windows need to be updated
- 2 car attached garage
- Fridge & dishwasher are included
- Please note the seller will be removing the kitchen island from the property
- Property taxes are approximately $4336
- Lot size is 49ft x 109ft
- Zoning R2A
Recommended Renovations
- Cosmetic renovation
- Basement windows need to be updated
- Exterior landscaping specifically in the backyard
- 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 and FLIP opportunity.
- Wholesale Price: $679,999,000
- We believe that this property is worth $800,000 as-is on the MLS
- We believe that after a full cosmetic renovation, this property should be worth at least $980,000 on the MLS.
- Purchase today for $120K BELOW MARKET VALUE
Comparable Analysis |
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- 496 Westheights Drive sold for $856,789 in May 2023. The property is a 3 bed, 3 bathroom property with a 2 car attached garage. As per the MLS listing the property is approximately 1675sqft which is much smaller than the subject property. Intraorally the property is clean however extremely dated and would require a full renovation similar to the subject property. The basement currently has drop ceiling that would likely need to be removed as well, and replaced with drywall. The exterior landscaping would also need some attention as well, however the backyard is much more spacious than the subject property. We believe in its current condition, considering the adjustment in sqft and market changes, the subject property would sell for a price around $800,000 on the MLS.
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- 15 Costain Court sold for $930,001 in June 2023. The comparable property consists of 3+1 beds, 3 bathrooms as well as a 2 car garage and is approximately 1797 sqft as per the listing. It sits on a 44ft x 120ft lot and has an attached garage, similar to the subject property. Unlike the comparable the subject property does not have an inground pool. Cosmetically, the property has more recent finishes than the subject property but still is far from full ARV. The comparable is a 5-minute drive away from the subject property and only took 10 DOM to sell! Factoring in the differences between the subject property and the comparable we believe the subject property would sell for $980,000 on the MLS after a full renovation.
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- 227 Highview Drive sold for $1,135,000 20 days ago after only 10 days on the market! This property has 4+1 beds, 4 bathrooms and a 2 car attached garage. Also the comparable property is approximately 2300sqft similar to the subject property. This property has been extensively renovated from top to bottom with updated higher end finishes as well. This property was such a hit as it was one of the nicer renovated properties in the area Considering the extra bedroom, we do believe that the subject property, if finishes to this extent, would sell for a price around $980,000 on the MLS.
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| Need Financing? |
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| 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 |
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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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