| Clarence Street, Brantford, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 12th, 2024
*The Seller has the option to extend closing to July 26th 2024, given notice is provided by June 28th 2024
*As per APS, fridge, stove and washer dryer will be left behind by seller
About the Property
Looking for your next fix and flip or rental property investment? This is the deal for you! Consisting of 3 bedrooms and 1 bathroom, this property has a solid structure and recently updated kitchen but will require a large cosmetic renovation to bring it back to it’s glory. There is a shared driveway with the neighbour, and this property also includes a large shed in the backyard with potential to be converted into a small one car garage. This property is perfect for a beginner or experienced investor looking for a fix and flip or rental project in the great city of Brantford!
About the Neighbourhood
Brantford is located about 30 minutes east of Hamilton, and about 30 minutes south of Cambridge. The property is less than a 10 minute drive to Highway 403 which connects Brantford with Hamilton and other major highways. The Brantford VIA Rail station is about a 5 minute drive away for easy connections to Toronto and London. The subject property is situated just off of a main street in central Brantford, close to various amenities, Brantford General Hospital and the Wilfred Laurier Brantford Campus for student renters.
Property Details
- Detached Bungalow
- 3 bedrooms
- 1 full bathroom
- One parking spot accessible via shared laneway
- 938 sqft above grade
- 119 sqft below grade
- Crawl space basement for utilities, accessible from man door
- Cinderblock foundation
- Roof re-shingled on the sides within last 10 years as per seller, will require re-shingling on back of the house
- Windows at the back of the house are fairly new, as per seller, windows at the front need to be replaced
- Kitchen cabinets and plumbing updated 10 years ago, as per seller
- would benefit from an update
- Smokers House
- Furnace is owned and 10 years old, as per seller
- No AC
- HWT is a rental
- Electrical is 100 amp breaker panel
- Property taxes are about $2132
- Built in 1914
- Lot size 31ft x 92ft
- Zoning is RC
Recommended Renovations
- Cosmetic renovation
- Replace the shingles on the back roof and the front windows
- Consider adding central air
- Consider converting shed into small one car garage
- 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 or Rental Opportunity.
- Wholesale Price: $294,999
- We believe that this property is worth $360,000 “as-is” on the MLS
- We believe that after a cosmetic renovation this property should be worth at least $460,000
- Buy now for $65K BELOW market value!
Comparable Analysis |
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- 189 Campbell St sold for $550,000 1 day ago after only 7 days on the market ($150K above ask). This 3 bed 1 bath bungalow sits on a 43ft x 132ft lot and has a driveway with parking enough for 3 cars. The comparable is dated throughout, however is maintained much better than the subject property. The comparable does have a full basement that is unfinished. We believe after adjustments, the subject property would sell for a price around $360,000 on the MLS in AS IS condition.
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- 53 Duke Street sold for $460,000 just 23 days ago. This detached bungalow consists of 2 bedrooms and 1 bathroom and is similar in square footage to the subject property, despite having 1 less bedroom. The comparable property has a siding exterior, and although it presents itself better than the subject property, it is still dated in parts of the home. The comparable sits on a similar lot size but has a private driveway with 1 parking spot. Therefore after adjustments we believe the subject property would sell for a price around $460,000 on the MLS in ARV condition!
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- 22 Freeborn Avenue sold for $435,000 in June 2024. The comparable property consists of 2 bedrooms and 1 bathroom. The comparable property has had some updates throughout with modest finishes, and is smaller in footprint at only 600sqft. The comparable is also siding as opposed to brick on the subject, and features a half basement as opposed to a crawl space. Therefore after a full renovation, and depending on finishes, we believe the subject property would sell for a price around $460,000.
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