Detached Bungalow in Peterborough! Assigned

  • $499,999
  • 4 beds
  • 2 baths
Assigned
Foxmeadow Road, Peterborough, Ontario

Closing Date: August 23rd, 2024
*In addition to SLGs deposit, the Assignee agrees to pay a further deposit of $10,000 by negotiable cheque to the Sellers Lawyer*

About the Property

Looking for your next SLG fix and flip or buy and hold in Peterborough County? Check out this detached brick-raised bungalow consisting of 2+2 bedrooms, 2 bathrooms, and a one car garage. The property sits on a 40ft x 150ft lot and backs onto a walking trail and train tracks. This 939 sqft property requires a full cosmetic renovation to restore it and sell for potential ARV. The roof has been updated within the last 10 years and the electrical is on breaker saving the buyer a costly job. The windows are original and will need to be replaced. There is a landing area that can be blocked off to add a basement unit potential. This property is great for an investor looking to end the summer season with a fantastic flip or an investor looking for a great rental in Peterborough.

About the Neighbourhood

The subject property is situated in the Ashburnham neighbourhood of Peterborough just east of the Maria Street and Ashburnham Drive intersection. There are countless amenities nearby including restaurants, Morellos Grocery, Tim Hortons, Mcdonalds, parks, and much more. There are 5 bus stops located within a 7-minute walk from the subject property. The Peterborough bus terminal is only 6 minutes away providing easy transportation for commuters. The Trans Canada Highway is only a 5-minute drive away providing easy access both southwest towards the GTA and southeast towards Kingston.

Property Details

  • Detached raised bungalow
  • 2+2 bedrooms
  • 2 bathrooms
    • 1 full bathroom on main level
    • 1 full bathroom in basement
  • Basement is a finished living space
    • The ceiling height is approximately 8ft
    • The landing area can be blocked off to create a separate entrance
  • 939 sqft above grade
  • 939 sqft below grade
  • Appliances are included in the sale
    • Fridge, stove, dishwasher, washer, dryer
  • Property taxes are about $3644
  • Furnace is owned
    • Approximately 15-20 years old
    • In good condition
  • No A/C
  • HWT is a rental
    • Exact age unknown
  • Roof is approximately 10 years old
  • Windows are original
  • Breaker Panel, copper wiring
  • 1 car attached garage
  • Built in 1989
  • 40.03ft x 150ft
  • R.1 zoning

Recommended Renovations

  • Full cosmetic renovation
  • Update windows
  • Possibly fix nicks on the siding and replace the garage door
  • 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 or rental opportunity.

  • Wholesale Price: $499,999
  • We believe that this property is worth $565,000
  • We believe that after full renovation this property would sell for at least $700,000 on the MLS
  • Buy now for 65K BELOW market value!

Comparable Analysis
  • 2518 Marsdale Drive sold for $700,000 just 25 days ago after only 1 day on the market. This property sits on a larger 50ft x 130ft lot and is dated throughout but has newer finishes than the subject property. The comparable consists of 2+2 bedrooms, 3 bathrooms, a 2 car garage, and has a larger footprint of 1500-2000 sqft, as per house sigma. The comparable has an additional bathroom and additional garage space compared to the subject property. Addtionally the comparable does not back onto train tracks. Therefore, after adjustments, we believe this property would sell for at least $565,000 in “as-is” condition.
  • 1987 Glenmead Road sold for $629,000 just 21 days ago. This property sits on a larger 55ft x 128ft lot and it presents itself better than the subject property as it has been partially updated throughout. The property consists of 2 bedrooms, 2 bathrooms, and has a slightly larger footprint of 1219 sqft. Unlike the subject property, this property has no garage but it does have an inground pool. The comparable is an older build than the subject property however it does not back onto train tracks like the subject property. Therefore after adjustments and a cosmetic renovation, we believe this property would sell for at least $700,000 on the MLS.
Price:
$499,999
Address:
Peterborough
Bedrooms:
4
Bathrooms:
2
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details