Detached Bungalow in Colborne! Assigned

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
  • accessible from outside
• Fuse panel, seller unsure of wiring
• Electric heating as per seller
  • wall inserts
• HWT is 3 years old
  • owned
• 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

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!