Detached Bungalow in Marathon! Assigned

  • $134,999
  • 3 beds
  • 2 baths
Assigned

CHEAPEST PROPERTY AVAILABLE IN MARATHON

Fix & Flip or Rental Opportunity

$55K BELOW Market Value!

Wildwood Trail

Wildwood Trail, Marathon, Ontario

Closing Date: August 13th, 2024
*The Buyer agrees to pay the Seller’s legal fees up to $1500

About the Property

Calling all beginner and experienced investors! Check out this detached bungalow in Marathon Ontario consisting of 3+1 bedrooms and 2 bathrooms. This 1071sqft property’s interior has almost been fully renovated over the past five years, it is just in need of some finishing touches. Also an investor would not have to worry about any major repairs, as the roof was redone less than 3 years ago and the windows are still in great condition! Therefore a strategic minor cosmetic renovation will be the ideal way to turn the best profit on this beautiful detached property. This property is currently vacant and only in need of some sweat, no blood and tears necessary! CALL TODAY!

About the Neighbourhood 

The subject property is located in the small town of Marathon Ontario! Although it’s in a small town, the subject property is perfectly located to all amenities! Marathon is located in the Thunder Bay region of Ontario and is approximately a 3-4 hour drive to Thunder Bay, Sault Ste Marie and Timmins. Known historically as a mining town, Marathon is also very scenic and popular for cottage rentals and weekend getaways! Airbnb rentals are popular in the area as well, with rates in town ranging from $150-250/night, if an investor is looking to convert this property to a Cottage/ST rental!

Property Details

  • Detached bungalow
  • 3+1 bedrooms
  • 2 bathrooms
  • Full, finished basement
    • ceiling height approximately 7ft as per seller
  • 1071 sqft above grade
  • 1039 sqft below grade
  • No fridge or stove included in the sale
  • Property taxes are about $1504
  • Furnace and HWT are both owned and less than 10 years old (according to seller)
    • No A/C
  • Roof was redone less than 3 years ago
  • Some windows replaced recently, others in good condition (according to seller)
  • Breaker Panel
  • Built in 1989
  • 72 ft x 155 ft

Recommended Renovations

  • Finish pre-existing cosmetic interior renovations
    • a strategic reno would mean that an investor can come in freshen the property up with some updates (high end finishes not needed for this property type)
  • New fridge and stove
  • Consider adding A/C
  • Consider finishing detached shed in backyard
  • Seller has the option to leave contents behind so we 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: $134,999
  • We believe that this property is worth $190,000
  • We believe that after a minor renovation this property should be worth at least $300,000
    • a strategic renovation would be the best strategy as the property is not completely dated and can definitely have areas salvaged such as the kitchen and main area flooring
  • Buy now for 55K BELOW market value!

Comparable Analysis

  • 11 Chilsolm Trail sold for $315,000 in March 2024. This property sits on a 68.90ft x 130ft lot and is a similar style property to the subject property. The property is 1 street away however it backs on to greenspace whereas the subject property backs on to a neighbours lot. The MPAC of the comparable is 116K and based on the price point, we believe it is in finished move in condition. Therefore once renovated we believe the subject property would sell around 300K
  • 8 Cedar Walk sold for 300K in April 2024. The property is the exact same style bungalow as the subject property. The property does also have a detached garage and sits on a 68.90ft x 130ft lot. The comparable backs on to greenspace rather than a neighbours lot. Looking at the property even from the outside, it is evident the owners maintained the property. Therefore once renovated we believe the subject property would sell around 300K
  • 113 Hemlo Dr is currently listed on MLS for 225K. It has been listed for quite some time however it is a 2+1 bed 1 bathroom property with 900sqft footprint. The property is dated and would likely need an investor to renovate it to its highest value. The property’s lot is quite similar to the subject property sitting at 70ft x 109ft. Therefore we believe in AS IS condition the subject property would have no issue selling around 190K on the MLS.
Click Here To See ALL Available Properties
Need Financing?
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

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

Price:
$134,999
Address:
Marathon
Lot Size:
72ft x 155ft
Bedrooms:
3
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details