| Waterloo St, Hamilton, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: June 28th, 2023
The Seller at his or her option may occupy the property after closing date for a period until August 16 2023, at no cost provided that the vendor obtains a policy of tenant insurance in form and substance satisfactory to the purchaser. The vendor may exercise this option by written notice to the purchaser on closing date. If the vendor exercises such option then the purchasers solicitor shall hold back $75,000 due on the statement of adjustments and shall not be required to pay same to the vendors lawyer unless and until the vendor vacates the premises. Each day the seller stays after August 16 2023 the seller owes the Buyer $1000/day from the hold back amount.
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for a cookie cutter simple fix and flip? SLG has you covered! Check out this detached bungalow in need of a cosmetic renovation! It’s currently laid out as a 2 bed 1 bath and has a small basement area (16 ft x 13 ft basement). The furnace, roof and windows are all older than 10 years old (seller unaware of age) but seem to be in good condition. There was a small leak in the basement that leaks sporadically however is currently dry. Looking at the photos, we believe some injections would fix the issue. This property would be perfect for an investor looking for a quick fix and flip to sell during the fall market.
About the Neighbourhood
The subject property is situated in the Parkview neighborhood of Hamilton. Located just northeast of Barton St E and Red Hill Valley Parkway, this property is only 7 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. A bus stop is located only a 5-minute walk north of the subject property. Downtown Hamilton is only 19 minutes away from the subject property.
Property Details
- Detached bungalow
- 2 bed
- 1 bed as per MPAC, which has been reconfigured into a 2 bed
- 1 full bathroom
- The seller occasionally smokes in the house
- no major stains in the drywall
- 30 ft x 105 ft lot
- 774 sqft above grade
- 278 sqft below grade
- Basement ceiling height is around 7-7.5ft ft
- Minor leak in back corner of basement, Buyer to verify
- seller unknown of leak origin
- Separate side entrance
- Built in 1945
- Garage with hydro and heating
- as per MPAC the garage was built in 1945
- Roof is older than 10 years, seller unaware of age
- Windows dated, older than 10 years
- Furnace dated but in good condition as per seller
- HWT is a rental
- R1 zoning
Recommended Renovations
- Full cosmetic renovation
- Potentially update roof and windows
- Injections to patch basement leak
- The 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.
- Wholesale Price: $374,999 or Best Offer
- We believe that this property is worth $450,000 as-is on the MLS
- We believe that after a full cosmetic renovation this property should be worth at least $550,000 on the MLS.
- Purchase today for $75K BELOW MARKET VALUE
Comparable Analysis |
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- 186 Glow Ave sold for $466,000 in March 2023. The comparable sits on a corner 30ft x 100ft lot. The comparable does not have a garage but does have parking for 3 cars. It is a 1+1 bed, 1 bathroom bungalow, and is about 897sqft. The interior of the property is somewhat dated but is decently maintained as well. It would benefit greatly from a cosmetic update. Due to the comparable being a 1+1 bed, rather than having 2 bedrooms on the main floor, we believe the subject property is superior. However due to the renovations needed, we believe the subject property would sell for a price around $450,000, AS IS on the MLS.
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- 236 Adeline Ave sold for $545,000 17 days ago in May 2023! The property was listed for offer presentation, and was on the market for 7 days! The property has 2+1 bedrooms, 2 bathrooms and is 762sqft as per MPAC. The property has had some flooring updates but looking at the pictures it seems to be a cheaper laminate that could use a freshening up. The kitchen and bathrooms are both dated and would absolutely need a renovation. The property sits on a nice 41ft x 106 ft lot, which is more superior than the subject property. The comparable does have a second bathroom as well, increasing its value. The basement also seems to be larger, with a 12ft x 11ft bedroom and also a bathroom. Thus after adjustments, we believe the subject property would sell for a price around $450,000 AS IS on the MLS.
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- 231 Adeline Ave sold for $625,000 25 days ago. The comparable was on the market since March 2023 due to it being priced too high however finally sold in May. The comparable sits on a 36ft x 103ft lot and is approximately 786 sqft as per the listing. The property has been nicely renovated and based on the July 2021 listing, we believe everything was renovated within the past few months. However it does seem as if the kitchen was not updated, however is still in great condition. Different than our property, the comparable has a larger basement, as they are able to put 1 bedroom whereas the subject property would be a smaller rec area/1 large room only. We believe after a full renovation the subject property would sell for a price around $575,000 on the MLS.
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| Need Financing? |
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| 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 |
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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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