| Cedar St, Colborne, ON
Offer Date: FIRST COME FIRST SERVE
Closing Date: August 31st, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Attention investors looking for a fall project! This structurally sound bungalow has a lot of potential waiting for the right buyer to bring it back to its glory! This bungalow consists of 2 beds, 1 bathroom, has an attached garage and is approximately 818 sqft. This property is extremely dated and would need a full cosmetic renovation. However a buyer can save on a costly repair as the roof and eavestroughs were redone in October 2022! The property has radiator heating and a HWT that is 3 years old and owned. This property is perfect for an experienced or beginner investor looking for a cheap property to flip in this uncertain market. Do NOT hesitate, this property will not last!
About the Neighbourhood
The subject property is located in Cramahe – Colborne, approximately 50 minutes east of Oshawa. Colborne is located just south of highway 401, and is accessible via highway in and out of the GTA. Colborne is home to the famous “Big Apple” which actually provides a lot of employment in the area. Although it does not have many transit options, Colborne is a 20 minute drive to Coburg which has Train routes extending east to Toronto and West to Montreal! Amenity wise, Colborne is very much growing. With local grocery stores, restaurants along King St, and shops, Colborne is a great growing community for any young family. Once renovated this property would be perfect for a first time home buyer!
Property Details
- Detached Bungalow
- 2 bedrooms
- 1 bathroom
- 818 total sqft
- Built in 1960
- Smokers house
- There are signs of mold throughout the ceiling, specifically in the kitchen and the bathroom
- Crawl Space
- Fuse panel, seller unsure of wiring
- Electric heating as per seller
- HWT is 3 years old
- Roof was redone in October 2022
- there was a leak in the kitchen but the new roof fixed the leak
- drywall repairs needed
- Windows are about 20+ years
- Property taxes are approximately $2344
- Lot size is 63ft x 228ft
- Zoning R1
Recommended Renovations
- Full cosmetic renovation
- Replace the windows
- 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 & Flip or Rental Opportunity.
- Wholesale Price: $269,999
- We believe that this property is worth $330,000 “as-is” on the MLS
- We believe that after a full cosmetic renovation this property will see for at least $450,000 on the MLS
- Buy now for 60K BELOW market value!
Comparable Analysis |
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- 7 Durham St S sold for $342,000 in April 2023. The comparable property consists of 2 beds, 1 bath and does not have a garage. The property is in very rough condition, similar to the subject property, as it needs a full gut renovation. The comparable does not seem to be a smoker house and did not need major junk removal that the subject property needs. However, the comparable property is less than 700sqft as per the listing, meaning the subject property’s footprint is larger. Thus, we believe, once cleared out and cleaned, the subject property would sell for a price similar to the comparable, around $330,000.
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- 14 Burnham Avenue sold for $517,000 in April 2023. The comparable consists of 2 bedrooms, 1 bathroom and has an unfinished basement. However the comparable does not have a garage, whereas the subject property does. The comparable is a superior property as it is larger (1100sqft) and has an unfinished basement, rather than a crawl space. After adjustments, we believe once renovated, the subject property would sell for a price around $450,000.
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- 48 Division St sold for $405,584 2 weeks ago, in July 2023 after only 4 DOM! The comparable is a 2 bed, 1 bath SEMI DETACHED property with a carport! The comparable property has been tastefully renovated throughout however the they were not done with top end finishes. The comparable is also similar in size to the subject property, listed around 880sqft. We believe after a full renovation, considering the garage space as well as being a fully detached home, the subject property would sell for around $450,000.
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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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