Detached Bungalow Flip, Duplex or Garden Suite Potential in Mount Forest! Assigned
- 3 beds
- 1 baths
- 1188 sqft
|Church Street South, Mount Forest, Ontario
Offer Date: July 25th, 2022
Closing Date: September 1st, 2022
About the Property
This detached bungalow house consists of 3 bedrooms and 1 bathroom. It is approximately 1188 sqft and has an unfinished basement. There is currently no separate entrance to the basement but there is potential to add one through the garage. There is potential to add a bathroom in the basement as there are rough ins already in place. The windows are original but still in good condition. The roof was redone about 20 years ago and we would recommend replacing it. The garage door is not in good condition so we would recommend replacing it as well as repaving the driveway. There are dog feces on the ground on the main floor. We would recommend a full cosmetic renovation to maximize ARV as everything is outdated and original. There was a minor leak in the basement 5 years ago from the foundation that was fixed. The HWT is a rental and the furnace and A/C are both owned but all need to be replaced as they are all original. This property is perfect for an investor looking for a fall fix and flip or BRRR project.
About the Neighbourhood
The subject property is situated in a charming and quiet neighbourhood in Mount Forest. Mount Forest is in the township of Wellington North. It is located about an hour northwest of Kitchener, and about 45 minutes west of Orangeville. This property is close to countless amenities such as Foodland, No Frills, Tim Hortons, LCBO, Canadian Tire, and schools. The subject property is also only a 4 minute drive to Louise Marshall Hospital.
- Detached bungalow
- 3 bedrooms
- 1 bathroom
- 1188 sqft above grade
- 1188 sqft below grade
- Basement is unfinished
- Currently no separate entrance but potential to add one through the garage
- Basement ceiling height is about 6ft5″ under the bulkhead and 7ft throughout
- Rough in for bathroom in the basement
- Attached 1 car garage
- Property taxes are about $2875
- HWT is a rental
- Furnace and A/C are owned and over 20 years old
- Roof was replaced over 20 years ago
- Windows are original but in good condition
- Breaker Panel
- Built in 1980
- 60ft x 115ft
- R1 Zoning
- Full cosmetic update
- Replace the Furnace and A/C
- Replace the roof
- Consider converting into a duplex or adding a garden suite
- Buyer to verify
- Zoning by law document in the dropbox
- 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: $324,999 or Best Offer
- We believe that this property is worth $480,000 as-is on the MLS
- We believe that after a small cosmetic renovation this property should be worth at least $600,000 on the MLS
- Purchase today for $150K BELOW MARKET VALUE!!
- 230 Egremont Street South sold for $505,000 in May 2022. This comparable consists of 3 beds 1 bath and is similar in size as the subject property. The comparable has a detached garage as opposed to an attached garage on the subject property. The comparable has aluminium siding and the subject property has brick. The comparable is also outdated throughout and requires a full cosmetic renovation to bring it up to market value. Therefore, after adjustments, we believe the subject property would sell for at least $480,000 “as-is” on the MLS.
- 320 Sligo Road East sold for $650,000 in June 2022. This comparable is a 4 bed 4 bath detached house and is bigger in size than the comparable. The comparable sits on the same lot size as the subject property. The comparable has had some updates throughout but is mostly outdated. We believe after adjustments and a full cosmetic renovation, the subject property should sell for at least $600,000 on the MLS.
- 140 Owen Road sold for $742,000 in June 2022. This comparable is a raise bungalow and consists of 3+1 bed and 2 bath. The comparable sits on the same lot size as the subject property. The comparable is slightly bigger in size and presents itself nicely but is outdated throughout. We believe after adjustments and a full cosmetic renovation, the subject property should sell for at least $600,000 on the MLS.
|Looking for a construction cost estimate?
SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email firstname.lastname@example.org
|If You’re Interested….
Email us at email@example.com 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
- Mount Forest, ON
- Square Feet:
- Lot Size:
- 60ft x 115ft
- Assignment of Contract
- Property Type:
- Year Built:
Call 647-930-0291 for more details