Detached Bungalow in St. Thomas! Assigned

  • $199,999
  • 2 beds
  • 1 baths
Assigned
Talbot Line, St. Thomas, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: January 31st, 2025

**Realtors bring us a client and add your commission on top of the purchase price**

About the Property

Looking for your next flip in St. Thomas? This fixer-upper detached bungalow is a prime opportunity for investors! With 2 bedrooms, 1 full bathroom, a detached 1 car garage, and a solid 1,010 sqft footprint, this property has great potential. The property sits on a nicely sized lot with a frontage of 60 feet and a depth of 120 feet. The basement is unfinished with no separate entrance and the ceiling height ranges from 5.5-6 feet on the full height half. The other half of the basement is a crawl space. The property is outdated throughout however the roof has been updated this year and the electrical is already on breaker saving the buyer a costly upgrade. The windows are older and the furnace is not working. Additionally, there are solar panels that will be bought out on closing by the seller. This property is a great opportunity for an investor looking to start 2025 with a great flip or an investor looking for a great rental in St. Thomas.
Property Details

  • Detached bungalow
  • 2 bedrooms
    • Was previously a 3 bedroom as per old listing
  • 1 full bathroom
  • 1010 sqft above grade
  • 389 sqft below grade
  • Unfinished basement
    • Half full height (5.5ft – 6ft)
    • Half crawl space
  • Property is on city water and septic bed system
    • Septic system is roughly 20-30 years old as per seller
    • Septic has been cleaned this year and previously on a 2-3 year basis
  • Electrical panel is breaker as per seller
    • Wiring unknown
  • Grasshoper solar panels
    • Contract to be bought out on closing by seller and removed from roof
  • Furnace is owned
    • Exact age unknown
    • Not working. There are existing ducts.
    • Working gas fireplace
  • A/C is owned
    • Exact age unknown
  • HWT is owned
    • Gas powered
    • Exact age unknown
  • Roof replaced this year
    • Eaves are older (exact age unknown)
    • currently there is a leak in ceiling of one of the bedrooms due to eaves not being installed as per seller
  • Windows are dated
    • Exact age unknown
    • Rear windows need to be replaced
  • 1 car detached garage/workshop
  • Built in 1910
  • Lot size is 60ft x 120ft
  • Property tax around $2073
  • R2 Zoning

Recommended Renovations

  • Cosmetic renovation
    • drywall repairs and ceiling repairs needed from previous leaks
  • Update windows
  • Replace furnace
  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent FIX and FLIP or Buy&Hold opportunity.

  • Wholesale Price: $199,999
  • We believe that this property is worth $275,000 on the MLS
  • We believe that after a full cosmetic renovation, this property should be worth at least $400,000 on the MLS.
  • Purchase today for $75K BELOW MARKET VALUE

Comparable Analysis
  • 36925 Talbot Lane sold for $405,000 in October 2024 after only 5 days on the market! This comparable detached bungalow consists of 2 bedrooms, 2 bathrooms and has a slightly larger footprint of 1100-1500 sqft. The property sits on a larger sized lot of 100 feet x 272 feet and also has a 1 car detached garage. The property is dated similar to the subject property however the comparable has a full basement throughout and an additional bathroom. Therefore we believe, after adjustments, the subject property would sell for a price of at least $275,000 on the MLS in AS-IS condition!
  • 10449 Talbotville Gore Road sold for $499,000 in April 2024. This comparable detached bungalow consists of 3 bedrooms, 1 bathroom and does not have a garage, unlike the subject. The comparable is slightly smaller at 911 sqft but sits on a much larger sized lot of 144 feet x 215 feet. The comparable has some cosmetic updates throughout, however, we still consider this property far from being fully renovated. Addtionally the comparable has a additional bedroom and a full basement as opposed to the half-full height half-crawl space layout of the subject property. Therefore we believe, after adjustments and a full renovation, the subject property would sell for a price of at least $400,000 on the MLS!
Price:
$199,999
Address:
St. Thomas
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details