| Belmont Avenue E, Kitchener, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: May 31st, 2023
The Seller has the option to shorten closing to March 31, 2023 given notice is provided by March 10, 2023.
About the Property
Take a trip out to the hub of South West Ontario, Kitchener! This detached bungalow consists of 2+1 bedrooms, 2 bathrooms and is in need of a full renovation to bring it to its glory. This property is approximately 746 sqft, and has a detached garage enough for 1 vehicle. The property is a smokers house and has wallpaper throughout thus needing a savvy investor to modernize it. There is a separate entrance from the back of the house, out to a very secluded and private backyard. The roof and eavestroughs of the property were redone within the last 5 years, and the garage roof was redone in 2021, saving you a major repair. The windows were all redone in 2004, but look very well maintained. This property would be perfect for a beginner or experienced investor looking for a spring Fix and Flip project or rental to add to their portfolio.
About the Neighbourhood
The subject property is located in a wonderful neighbourhood of Kitchener, nearest intersection being Belmont Ave E and Queen’s Blvd. It is located a short walk from St Mary’s General Hospital and less than a 10 minute drive to Downtown Kitchener. Kitchener is located perfectly in Southwestern Ontario, a short drive over to Cambridge and Guelph along the 401 East, and about 1hour 15mins to London along the 401 West. Kitchener has excellent transportation specifically the Grand River Transit which has bus routes and LRT routes all throughout the city. Also, the Kitchener GO train is a 10 minute drive from the property, with routes extending east to Toronto and West to London. The proeprty is also perfectly located around countless amenities, which is extremely desirable for an end user!
Property Details
- Detached Bungalow
- 2 bedrooms on the main level + 1 bedroom in the basement
- 2 full bathrooms
- Basement bathroom is separated with a toilet in one room and sink and shower in the other, we would recommend reconfiguring it
- Detached 1 car garage
- Separate entrance
- 746 sqft above grade
- 746 sqft below grade
- Windows are approximately 20 years old
- Roof on house was redone within past 5 years, eavestroughs redone in 2021
- Garage roof redone in 2021
- Forced air Heating
- Furnace replaced in 2019, owned unit
- Smokers House
- Central A/C unit replaced in 2019 – owned
- HWT is rented, seller unaware of age
- Poured Concrete Foundation
- Breaker panel – Copper wiring
- Property taxes are approximately $2944
- Lot size is 50 ft x 120 ft
- Built in 1948
- Zoning: RES – 4
Recommended Renovations
- Full cosmetic renovation
- Potentially add secondary basement unit
- Reconfigure basement bathroom
- 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 or Rental Opportunity.
- Wholesale Price: $449,999
- We believe that this property is worth $540,000 “as-is” on the MLS
- We believe that after a full renovation this property should be worth at least $675,000
- Buy now for 90K BELOW market value!
Comparable Analysis |
|
 |
- 1030 Queens Boulevard sold in November 2022 for $534,000. The property is located up the street from the subject property, approximately a 3 minute walk away. The comparable is a detached 1.5 Storey with 2+1 beds, 2 bathrooms and 1 detached garage. The comparable does have a slightly larger lot sitting on a 60ft x 120ft plot, however it is a corner unit situated on a busy street in Kitchener. By looking at the listing, it is clear the property needs a full renovation and is extremely dated. The lot also needs considerable maintenance and landscaping. Different than the subject property, the comparable has exterior siding rather than brick making it much less superior. It is also a 1.5 storey which is always less desirable than a classic brick bungalow. Similarly, the property does have a separate entrance and a detached 1 car garage as well. Considering the market change since November and property differences as well, after adjustments we believe the property would sell for a price slightly higher than the comparable on the market, approximately $540,000.
|
|
 |
- 151 Patricia Avenue sold for $675,000, on January 14th 2023 (2 weeks ago) after only 2 days on the market! The comparable property has 2 bedrooms, 2 bathrooms, 1 detached garage, and is approximately 941sqft. There is a separate entrance to the basement similar to the subject property, however has an unfinished basement. The comparable property has undergone modest renovations prior to selling however, by no means are the finishes prime. There is still some dated flooring in the kitchen, and bedrooms, however is exceptionally maintained and turnkey. The property also sits on a comparable lot, approximately 50ft x 160ft. However, the comparable does have a more secluded driveway rather than the shared style that the subject property has. We believe, after a full renovation and depending on the finishes, the subject property should sell for a price similar to the comparable on the MLS.
|
|
 |
- 34 St Clair Avenue sold for $550,000 in November 2022, after only 5 days on the market! The comparable property features 2+1 bedrooms, 1 bathroom and does not have a garage. The property is approximately 705 sqft, and sits on a 50ft x 108ft lot similar to the subject property. This bungalow’s main floor has been renovated quite nicely, however the basement is only partially finished. Looking at the MLS listing (linked to the address) it is clear that the basement would need a renovation in order to yield a higher price from an end user. There is carpet in the basement, drop ceiling and dated paneling throughout. Also, the property has exterior siding rather than brick, and does not have a separate entrance. If a buyer fully renovated the subject property, after adjustments we believe it would sell for a price much higher than this comparable, around $675,000.
|
|
| Need Financing? |
 |
|
| Looking for a construction cost estimate?
SLG Capital will manage the construction of this project from start to finish. After purchasing one of our deals feel free to email us at info@slgcapital.ca to obtain a construction estimate. |
|
| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Sal at 647-492-6380. Sal 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. |
|
|
|
