| Beland Avenue, Hamilton, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: March 3rd, 2023
About the Property
Check out this detached bungalow in Hamilton, consisting of 3 bedrooms, and 2 bathrooms. The current owner started to do some renos in the kitchen but the new buyer will need to finish. The flooring needs to be redone and the bathrooms are both in need of a cosmetic reno as well. There used to be a kitchen in the basement and the rough ins are still there if you wanted to put one back. There is a side entrance so can easily add an in-law suite to this property. The insulation and water proofing has been done in the basement. No leaks or water in the basement, the foundation is in great condition! This property is perfect for a beginner or experienced investor looking for a quick fix and flip or adding a potential rental to their portfolio.
About the Neighbourhood
The subject property is located in the Mcqueston West neighbourhood in Hamilton. The property is located in a perfect area for rentals, as it is a short walk to all local amenities. Restaurants, Bars, Shopping centers, and Grocery stores are all less than a 20 minute walk! Hamilton is very popular for investors looking for rental properties as local employment and accessible transit makes it one of Ontario’s big metro areas! The Hamilton GO Centre is located 15 minutes away from the subject property with trains extending east to Toronto and west to Niagara. Hamilton is also very accessible by bus, as the HSR is consistently a reliable option for locals. Also, Hamilton is very easy to travel to and from, with the QEW and Highway 403 connecting it to all other major Southern Ontario cities.
Property Details
- Detached Bungalow
- 3 bedrooms
- 2 bathrooms
- 1 full bathroom
- 1 half bathroom
- 1102 sqft above grade
- 1139 sqft below grade
- Detached one car garage
- Windows are 10 years old and in good condition
- Roof, seller is unsure of age, we would recommend replacing shingles
- Separate entrance to the unfinished basement
- Framing for one bedroom
- 8ft ceiling height
- Furnace is owned, purchased in 2015
- HWT is a rental
- A/C is owned, purchased in 2015
- Property taxes are about $3138
- 39ft by 92ft
- Built in 1972
- Zoning: R1
Recommended Renovations
- Redo the flooring throughout
- Deep clean and wall touch ups
- Consider converting into a legal duplex
- Consider replacing the roof
- Redo the bathrooms and finish the kitchen reno
- 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 and FLIP opportunity or Rental Opportunity.
- Wholesale Price: $489,999
- We believe that this property is worth $575,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $675,000
- We believe that after a full renovation and converting this property into a legal duplex it should be worth at least $725,000
- Buy now for 85K BELOW market value!
Comparable Analysis |
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- 104 Glennie Avenue sold for $622,750 in October 2022. The comparable property is a 3+1 bedrooms and 2 bathroom detached bungalow and is slightly smaller than the subject property. The comparable property sits on a smaller lot size and has no garage. Similar to the subject property the comparable is an all brick bungalow and dated throughout. After adjustments, we believe that the subject property would sell for a price around $575,000 “as-is”.
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- 24 Bingham Road sold for $600,000, in November 2022. This detached bungalow consists of 2 bedrooms, 1 bathrooms and is approximately 785sqft which is much smaller than the subject property. The comparable has no garage but sits on a slightly larger lot size. The comparable was renovated throughout but the finishes are no longer modern. Therefore, after adjustments and a full renovation, we believe the subject property would sell for at least $650,000 on the MLS.
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- 235 Cochrane Road sold for $640,000 in November 2022. This 2+1 bed, 2 bath bungalow is smaller in size than the subject property but sits on a similar lot size. Similar to the subject property, the comparable has a detached garage. The comparable was nicely renovated throughout but only has two beds on the main floor. After adjustments, and depending on finishes, we believe the subject property would sell for around $675,000 on the MLS
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- 1897 Main Street sold for $760,000 in August 2022. This nicely renovated comparable consists of two separate units. The main floor is a 3 bedroom unit and the basement is a 2 bedroom unit. The comparable is similar in size and also sits on a similar lot size. Similar to the subject property the comparable is all brick but it has an attached garage as oppose to a detach. Therefore, after adjustments, and assuming the subject property is converted into a legal duplex, we believe the subject property would sell for around $725,000 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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