| Edwin Street, Kitchener, Ontario
Offer Date: November 22nd, 2022
Closing Date: December 13th, 2022
About the Property
Check out this detached bungalow in Kitchener Ontario consisting of 2 bedrooms, and 1 bathroom. According to MPAC the property is approximately 732sqft. This property would be perfect for a beginner or experienced investor looking for a quick easy flip as a lot of updates have been done to the home. Kitchen and bathroom are in good condition, however, we would recommend updating the bathroom floors. Most of the flooring has also been updated but there is carpet in some rooms. The house was re-sided and wrapped with insulation approximately 7 years ago. A fresh coat of paint is the cheapest way to see your ROI. This property is currently owner occupied and will come vacant! ACT FAST on this property that would require very little blood sweat and tears!
About the Neighbourhood
The subject property is situated in the Fairfield neighborhood of Kitchener. The property’s location is situated minutes from two main roads in Kitchener, Highway 8 and Conestoga Parkway, with routes extending south to Highway 401 and north to the Waterloo area. Its accessibility makes this property very desirable. Kitchener is also a transportation hub, with GO bus and GO train routes extending all throughout Ontario, east to Toronto and west to London. The property is also surrounded by countless amenities including Tim Hortons, Zehrs, restaurants and Gas Stations. Also, the property is walking distance from Downtown Kitchener on King Street, which is full of job opportunities and new families. Need to catch a game to cool off after a day full of renovations? Well, the Kitchener Memorial Auditorium, home of the Kitchener Rangers, is less than a 10 minute drive! The property is also a 10 minute drive to both of Kitcheners Hospitals, St Mary’s and Grand River. This location cannot be beat.
Property Details
- Detached Bungalow
- 2 bedrooms
- 1 bathroom
- No garage, two sheds in the back
- 732 sqft above grade
- 771 sqft below grade
- Basement ceiling height approximately 7.5 ft (Buyer to verify)
- There is a separate entrance to the fully finished basement
- Property taxes are about $2510
- A/C, Furnace, HWT all owned and approximately 15 years old, all in good condition as per the seller
- Roof was redone 3 years ago
- Windows in good condition, all redone within the last 10 years
- Kitchen was redone 10 years ago
- Breaker Panel, copper wiring
- Built in 1950
- 44 ft x 120 ft
- R2 Zoning
Recommended Renovations
- Replace the carpet
- Fresh coat of paint
- Consider redoing the bathroom floors
- Consider putting new flooring in main area and bedrooms
- Seller has the option to leave contents behind so we 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: $424,999
- We believe that this property is worth $525,000 “as-is” on the MLS
- We believe that after a minor renovation this property should be worth at least $600,000
- Buy now for 100K BELOW market value!
Comparable Analysis |
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- 47 Cherry Street sold for $544,900 in October 2022. This detached bungalow is similar in size and consists of a 1+1 bed 2 bath making it less superior than the subject property as it’s only a 1+1 bed. The comparable is fairly outdated inside and sits on a much smaller lot size. Therefore, after adjustments, we believe the subject property would sell for AT LEAST $525,000 on the MLS “as-is”.
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- 7 Fairfield Avenue sold for $665,000 in October 2022. This comparable consists of 2 bed 1 bath and is birck as opposed to the subject property which is siding. The comparable is slightly bigger than the subject property property but sits next to an apartment building making it less desirable than the subject property. The comparable has been renovated throughout with modest finishes. Therefore, after a lipstick renovation, and depending on finishes, we believe the property would sell for at least $600,000 on the MLS.
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- 66 Amos Avenue sold for $680,000 in October 2022. This comparable consists of 3 bed 2 bath and is similar in size as the subject property. The comparable is completely outdated throughout and sits on a smaller lots size than the subject property. Therefore, after a lipstick renovation, and depending on finishes, we believe the property would sell for at least $600,000 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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