Detached Brick 2-Storey in Woodstock! Assigned

Detached Brick 2-Storey in Woodstock!

Fix & Flip or Rental Opportunity

$100K BELOW Market Value!

Graham Street

Offer Date: July 8, 2022
Closing Date: August 26, 2022

Per our purchase agreement with the Seller, the Buyer agrees to provide a $10,000 deposit paid directly to the Seller. This deposit shall be paid in addition to the deposit paid to the our lawyer per the assignment agreement. The Seller’s lawyer will provide a deposit mortgage/charge in favour of the Buyer. The Seller will pay all costs associated with the registration of the deposit mortgage. The deposit mortgage shall bear no interest unless the Seller defaults under his obligations under the Purchase & Sale at which time the mortgage shall bear interest at a rate of 8%.

About the Property

This charming, all-brick detached 2-storey house consists of 2 bedrooms and 1.5 bathrooms. It is approximately 1100 sqft and has an unfinished basement. There is an office on the main floor that could be made into another bedroom. Since no renovations have been done by the current owner we would recommend a full cosmetic update. This property is perfect for an investor looking for a summer fix and flip. You can’t find a detached property listed under $375,000 in Woodstock!

About the Neighbourhood 

The subject property is situated in a quaint neighbourhood located in the north-west area of Woodstock. The subject property is located less than a 10 minute drive from Highway 401 which connects Woodstock with other major cities in Southern Ontario. Woodstock is about a 45 minute drive from London and a 40 minute drive to Brantford. The subject property is located near countless amenities including Shoppers Drug Mart, Sobeys, Dollarama, Tim Hortons, many restaurants, and much more. The subject property is also only an 8 minute drive to the Woodstock General Hospital.

Property Details

• Detached 2-storey house
• 2 bedrooms
• 1.5 bathrooms
• 1098 sqft above grade
• 693 sqft below grade
• Basement is unfinished
• Basement ceiling height is around 6.5 ft, but around 6ft at the bottom step
• Detached 1 car garage and shed
• Property taxes are about $3173
• HWT is rented
• Furnace is owned
• Windows are approximately 15 years old
• Roof was replaced in 2010
• No A/C
• Breaker Panel – Copper Wiring
• Built in 1910
• 50ft x 120ft
• R1 Zoning

Recommended Renovations

• Full cosmetic renovation
• The garage needs a new roof and will need new eavestroughs
• The furnace may need to be replaced
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $349,999 or Best Offer
• We believe that this property is worth $450,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $570,000 on the MLS
• Purchase today for $100K BELOW MARKET VALUE!!

Comparable Analysis

• 75 Delatre Street sold for $555,000 in May 2022. Although the comparable is a bungalow, it is an all-brick 2 bedroom home just like the subject property. The comparable does sit on a slightly larger lot and is slightly larger in size. The comparable has a 2-car detached garage, whereas the subject property only has a 1-car detached garage. The subject property has 1.5 bathrooms whereas the comparable only has 1. Both properties have an unfinished basement and would benefit from a full cosmetic update. Therefore, after adjustments, we believe the subject property would sell for at least $450,000 “as-is” on the MLS.
• 116 Wellington Street N sold for $528,888 in May 2022. The comparable consists of 2+1 bedrooms and 3 bathrooms and and sits on a smaller lot size than the subject property. The comparable is bigger in size than the subject property but does not have a detached garage. The comparable is also all siding whereas the subject property is all brick. The comparable has been nicely renovated throughout, and the basement has been finished with a bedroom and bathroom. We believe after adjustments and a full renovation, the subject property should sell for at least $570,000 on the MLS.

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