Detached Bungalow in Bonfield! | SLG Property Deals

Gagnon Street, Bonfield, Ontario

Closing Date: February 5th, 2025
Offer Date: FIRST COME FIRST SERVE
*The Seller has the option to extend closing to February 12, 2025 if notice is given to the Buyer by January 27, 2025 or shorten closing to January 29, 2025 if notice is given to the Buyer by January 20, 2025*

About the Property

Looking for your next SLG fix & flip or buy and hold near North Bay? Check out this detached bungalow home consisting of 4 bedrooms and 2 bathrooms in Bonfield! This property has a footprint of 2234 sqft and sits on a 23 acre lot! The property is decently-maintained but in need of some cosmetic updates. The house was built on a slab foundation so there is no basement. The roof is in need of an update, fortunately the windows were replaced around five years ago. There is some moisture damage in one of the bathrooms that will require new drywall and tub surround. This property is great for an investor looking for a fantastic fix & flip opportunity or an investor looking for a great rental property in Bonfield!

Property Details

Detached Bungalow
- Steel siding
4 bedrooms
2 full bathrooms
2234 sqft above grade
No basement
- Concrete slab foundation
Appliances are included in the sale in AS-IS condition
- Fridge, stove
Furnace is owned
- Replaced in 2003
- Oil furnace
- Floor radiant heat
HWT is owned
- Replaced in 2021
- Electric
No A/C
250 ft Drilled Well
Septic bed
- Cleaned once in last 22 years
- industrial sized septic
Roof shingles in need of replacing
Windows replaced 5 years ago as per seller
Electrical is on a breaker panel
- 200 Amp
- Copper Wiring
No garage
Approximately 23 acre lot
Property tax is around $3543
Built-in 2002
RU zoning

Recommended Renovations

Full cosmetic renovation
Consider adding A/C
Consider replacing shingles
Seller has the option to leave contents behind so we recommend budgeting for junk removal

Pictures and More

The Numbers

We are selling our assignable purchase contract for this excellent Fix & Flip or BRRR opportunity.

Wholesale Price: $394,999
We believe that this property is worth $465,000 in AS-IS condition
We believe that after a cosmetic renovation this property would sell for $600,000 on the MLS
Buy now for 70K BELOW market value!

Comparable Analysis

553 Highway 17 East sold for $500,000 in July after only 7 days on the market! This detached bungalow has a smaller footprint of 1495 sqft and is in slightly superior condition throughout. The comparable consists of 3 bedrooms, 1 bathrooms, and has no garage, similar to the subject. The comparable also sits on a much smaller 10 acre lot compared to the subject’s 20 acres. The comparable does have a full basement, however, it is unfinished. Therefore after adjustments, we believe the subject property would sell for at least $465,000 in “as-is” condition.

297 Development Road sold for $465,000 in May 2024. This detached bungalow consists of 4 beds, 2 bathrooms and has a detached 3 car garage. The property has a much smaller footprint to the subject property at only 1000 sqft. It also sits on a much smaller lot of only 8 acres, compared to the subject’s 20 acres. The basement is finished with walk-out access. The property itself looks to be in OK condition similar to the subject, although it is also cosmetically dated throughout. Therefore after adjustments, we believe the subject property would sell for at least $465,000 in “as-is” condition.

650 Development Road sold for $705,000 in September 2024. This detached bungalow home has a smaller square footage to the subject at only 1300 sqft, however it sits on a 26 acre lot compared to the subjects 20 acres. The home has 3 bedrooms, 2 bathrooms and a 4 car detached garage. The comparable property also has a full basement with walk-out access. Therefore after adjustments and a full renovation, we believe the subject property would sell for at least $600,000 on the MLS!

Detached Bungalow in Bonfield! Available

Property Details

Call 647-930-0291 for more details