| Columbia Drive, Hamilton, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 14th, 2023
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for a cookie cutter flip in Hamilton? Checkout this detached bungalow with in law suite potential! As per MPAC this property was originally a 3 bedroom house but the owners took down a wall to convert two bedrooms into one big primary room. This property is in need of a full cosmetic renovation but structurally it’s in great condition! There is carpet throughout the main floor but sellers have indicated that there is hardwood flooring underneath. This property is perfect for any investor looking for a cosmetic fix and flip with great potential returns!
About the Neighbourhood
The subject property is situated in the Buchanan neighborhood of Hamilton. Located just northeast of Mohawk Rd W and Garth Street. This property is less than 20 minutes away from the QEW providing easy access towards the GTA and the Niagara Region. The subject property is a close drive away from countless amenities such as restaurants, Walmart, Tim Hortons, LCBO, Canadian Tire, Winners, and schools. Downtown Hamilton is only 10 minutes away from the subject property.
Property Details
- Detached Bungalow
- 3 bedrooms
- current layout is a 2 bed as seller removed a wall to make one large room
- 2 bathrooms
- 1058 sqft above grade
- 1058 sqft below grade
- Basement Ceiling Height is around 6.6-7ft
- 6.2 ft under the bulkhead
- Property taxes are about $4209
- Breaker panel, copper wiring
- Built in 1960
- Furnace is 4 years old and owned
- A/C is 3 years old and owned
- HWT is a rental with reliance
- Roof was redone in 2013
- Windows were redone in 2008
- 53ft x 105ft
- R1 zoning
Recommended Renovations
- Full cosmetic renovation
- Considering adding an inlaw suite
- 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 and FLIP opportunity.
- Wholesale Price: $699,999
- We believe that this property is worth $775,000 as-is on the MLS
- We believe that after a full cosmetic renovation this property should be worth at least $980,000 on the MLS.
- We believe that after a full cosmetic renovation and adding an inlaw suite this property should be worth at least $1,000,000+ on the MLS.
- Purchase today for $75K BELOW MARKET VALUE
Comparable Analysis |
|
 |
- 17 Delmar Drive sold for $755,000 2 weeks ago! This property sits on a 50ft x 143ft lot. The comparable has 3 bedrooms, 2 bathrooms and does not have a garage. The layout is quite similar to the subject property. The property is quite dated and needs a full cosmetic renovation, similarly to the subject property. The comparable is a backsplit as opposed to the subject property which is a bungalow. We believe in its current condition this property would sell for a price around $775,000 on the MLS in “as-is” condition
|
|
 |
- 98 Delmar Drive sold for $801,000 4 days ago! The comparable has 3 bedrooms 1 bathroom and comes with an attached garage. The comparable is larger in size and sits on a larger lot size. The comparable is completely dated throughohut and requires a full cosmetic renovation. The comparable sits on a corner lot and is only 3 minutes away from the subject property. We believe in its current condition this property would sell for a price around $775,000 on the MLS in “as-is” condition
|
|
 |
- 52 Briarwood Crescent sold for $940,000 in April 2023. This raised bungalow consists of 2+1 beds 2 baths and is much smaller in size. The comparable sits on a similar lot size and has been completely renovated throughout. After adjustments, we believe the subject property would sell for a price around $980,000 on the MLS
|
|
 |
- 121 West 23rd Street sold for $1,021,888 in June 2023 after only 7 days on the market. The property is a 2+3 bed, 2 bath, and has a detached garage. The comparable sits on a slightly larger lot size and is similar in size as the subject property. The comparable has been completely renovated throughout with a legal unit added to the basement. After adjustments and assuming an in-law suite is added, we believe the subject property would sell for a price around $1,000,000 on the MLS
|
|
| Need Financing? |
 |
|
| 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 |
|
| 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
|
|
|
| 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. |
|
|
|
