| Flanders Road, Guelph, Ontario
Offer Date: November 29th, 2022
Closing Date: December 28th, 2022
About the Property
Check out this detached bungalow in Guelph Ontario, consisting of 3+1 bedrooms, 2 bathrooms and approximately 1279 sqft! This property does require a good amount of renovations to maximize its ARV. The kitchen has good cabinets and updated quartz countertop but requires a backsplash. Flooring needs to be replaced throughout the entire house. There is a separate entrance to the basement with potential to add a secondary unit. This property would be best for a beginner or experienced investor looking for a winter fix and flip or 2 unit rental property to add to their portfolio.
About the Neighbourhood
The subject property is situated in the desirable Hanlon Creek neighbourhood in Guelph. Guelph is located about 1 hour and 20 minutes West of Toronto and 30 minutes North-East of Kitchener. The property is near countless amenities such as restaurants, Zehrs, Tim Hortons, Home Hardware, many parks, and more. The subject property is also located within a 10 minute drive to Guelph General Hospital and is only about a 7 minute drive to downtown Guelph.
Property Details
- Detached Bungalow
- 3+1 bedrooms
- 2 full bathrooms
- 1279 sqft above grade
- 1386 sqft below grade
- Basement ceiling height approximately 8ft and 7ft under the bulkhead
- Separate entrance from the back of the house into the basement
- 1.5 garage door attached
- Property taxes are about $4770
- A/C owned
- Furnace owned and purchased in 2016
- HWT rental and was put in 2016
- Roof and Windows were redone in 2010
- Breaker Panel, copper wiring
- Built in 1970
- 57ft x 115ft
- R1B Zoning
Recommended Renovations
- Redo flooring around the house
- Add backsplash in the kitchen
- Add a kitchen in basement and consider converting into 2 unit rental
- Seller has the option to leave contents behind so we recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity or Rental Opportunity.
- Wholesale Price: $644,999
- We believe that this property is worth $725,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $800,000
- We believe that after a full renovation and assuming you add a legal secondary unit the property should be worth at least $875,000
- Buy now for 80K BELOW market value!
Comparable Analysis |
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- 9 Picadilly Place sold for $705,000 in October 2022. This property is a 3 bedroom, 2 bathroom and is smaller in size than the subject property. Unlike the subject property, the comparable does not have a bedroom in its finished basement. The comparable does not have an attached garage and is completely outdated throughout. The comparable sits on a slightly smaller lot size than the subject property. We believe that in its “as is” condition, the subject property would sell for a price higher than the comparable, at a price around $725,000.
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- 5 Picadilly Place sold for $790,000 in September 2022. This property is a 3+1 bed, 2 bath and smaller in size than the subject property. The comparable does not have a garage, and sits on a smaller lot than the subject property. While the comparable has been nicely renovated throughout there are some parts of the home that are still very dated (for example the wood panelling in the basement.) Therefore, after adjustments and a full renovation, we believe the subject property would sell for at least $800,000 on the MLS.
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- 24 Devere Drive sold for $780,000 in October 2022. This property is a 3+1 bed, 2 bath and similar in size than the subject property. The comparable also sits on a similar lot size as the subject property. The comparable has been nicely renovated in some parts of the home but dated in others specifically the basement which still has carpeting and is only partially finished. Also the comparable has a 1 car garage whereas the subject property has a 1.5 car garage, adding to its value. Therefore, after adjustments, and depending on finishes, we believe the subject property would sell for at least $800,000 on the MLS.
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- 16 Rickson Avenue sold for $950,000 in 2021. This Comparable consists of 3+1 beds 3 baths and is bigger than the subject property. The comparable has an attached 1.5 garage and sits on a similar lot size as the subject property. This comparable is a bungalow with a legal basement apartment. Therefore, after market adjustments, and assuming you add a secondary dwelling unit to the property, we believe the subject property would sell for at least $875,000 on the MLS.
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| Need Financing? |
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| 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 info@slgcapital.ca |
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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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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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