Detached Bungalow in Hamilton! Assigned

  • $624,999
  • 3 beds
  • 2 baths
  • 1947 sqft
Assigned

Detached Bungalow in Hamilton!

Quick Flip or Rental Opportunity

$80K BELOW Market Value!

East 5th Street
East 5th Street, Hamilton, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: August 8th, 2023

** Realtors bring us a client and add your commission on top of the purchase price**
The Seller has the option to extend closing to August 15th, 2023 given notice is provided by August 1st, 2023.

About the Property

Looking for an easy flip or rental property in Hamilton? Check out this detached bungalow with in-law suite potential! This property is in need of a minor cosmetic renovation but structurally it’s in great condition! The previous owner had a kitchen in the basement years ago, and the main stack is still accessible. Therefore, adding a potential kitchen in the future is possible! There is no direct separate entrance for the basement however the rear entrance provides access to both levels. 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 Centermount neighborhood of Hamilton. Located just north of Brucedale Ave E and Upper Wellington St. 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, Dollarama, and hospitals. Mohawk College is only a 12-minute walk from the subject property.

Property Details

  • Detached Bungalow
  • 2+1 bedrooms
  • 2 bathrooms
  • 836 sqft above grade
  • 820 sqft below grade
  • Basement Ceiling Height is around 6.5ft
    • 6ft under the bulkhead
  • Property taxes are about $3537
  • Breaker panel, copper wiring
  • Built in 1947
  • Furnace is 1 year old and owned
  • A/C is 3 years old and owned
  • HWT is a newer rental with Reliance
  • Roof is a steel slab roof from 2009 as per seller
  • Windows were redone in 2012 as per seller
  • 38ft x 100ft
  • R1 zoning
  • 1 car detached garage

Recommended Renovations

  • Minor cosmetic renovation
    • upper floor wall touch ups, paint and some basement work
  • Considering adding an in-law suite
  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

  • Wholesale Price: $624,999
  • We believe that this property is worth $705,000 as-is on the MLS
  • We believe that after a cosmetic renovation and adding an inlaw suite this property should be worth at least $800,000 on the MLS.
  • Purchase today for $80K BELOW MARKET VALUE

Comparable Analysis
  • 106 East 5th St sold for $691,000 1 week ago! This property sits on a 38ft x 104ft lot. The comparable has 2+1 bedrooms, 2 bathrooms and does not have a garage. The layout is quite similar to the subject property. The property is dated on the upper level and needs a partial cosmetic renovation. The subject property has ceramic flooring in the basement while the comparable has carpet flooring. The subject property’s kitchen and bathrooms are less dated. The comparable is a bungalow with 829sq/ft on the upper level similar to the subject property. We believe in its current condition this property would sell for a price around $705,000 on the MLS in “as-is” condition.
  • 140 Howard Ave sold for $800,000 in April! The comparable has 2+1 bedrooms 2 bathrooms and has no garage. The comparable is larger in size and sits on a larger lot size. The comparable is thoroughly updated throughout and is in turnkey condition. The comparable is only 3 minutes away from the subject property. We believe the subject property would sell for a price around $800,000+ on the MLS in ARV condition.
  • 326 East 28th St sold for $700,000 in May 2023. This bungalow consists of 2+1 beds 2 baths and is slightly smaller in size. The comparable has no garage. The comparable sits on a similar lot size and has been refreshed throughout. The comparable is siding while the subject property is brick. After adjustments, we believe the subject property would sell for a price of around $705,000 on the MLS.
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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.
Price:
$624,999
Address:
Hamilton
Square Feet:
1947
Lot Size:
38ft x 100ft
Bedrooms:
3
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details