Detached Bungalow with SDU potential in Port McNicoll! Assigned

Detached Bungalow with SDU potential in Port McNicoll!

Fix & Flip or BRRR Opportunity

$70K BELOW Market Value!

Margaret Street

Offer Date: September 26th, 2022
Closing Date: October 19th, 2022

About the Property

Check out this quaint detached bungalow in need of a full cosmetic renovation to bring it back to life! The property is located in Port McNicoll and consists of 3+2 bedrooms and 2+1 bathrooms. There is potential to add another unit in the basement as the zoning allows for an accessory dwelling unit, buyer to verify. The basement has a separate entrance and the ceiling height is about 9 ft. The floors in the main area has been ripped out and is down to the sub floor, making it easy to lay flooring on top. The furnace is 25 years old but needs to be replaced as it’s not working. There is a sump pump in the basement with no moisture leaks, per seller.  As you can see, this structurally sound property has a ton of potential and would benefit from a FULL cosmetic renovation! This property is perfect for an investor looking for a fall fix and flip project or BRRR opportunity.

About the Neighbourhood 

The subject property is situated in a desirable neighbourhood of Port McNicoll  and is located a short drive away to many beaches making this an attractive property for a short term rental. Port McNicoll is home to a lot of duplex properties so there may be an opportunity to go to the city to enquire about rezoning the subject property to R2. Highway 400 is about a 10 minute drive to the subject property and it is located just north of Highway 12. Port McNicoll is about a 1.5hr drive North of the GTA. There are countless amenities near the subject property including Tim Hortons, Home Depot, Shoppers Drug Mart, restaurants, schools, and much more. The subject property is also only a 15 minute drive to the Georgian Bay General Hospital.

Property Details

• Detached Bungalow
• 3+2 bedrooms
• 3 bathrooms
  • 2 full bathrooms
  • 1 half bathroom
• 1153 sqft above grade
• 1153 sqft below grade
• Partially finished basement
• Separate entrance
  • Basement height about 9ft and 7ft under the duct work
• Property taxes are about $2051
• A/C is owned and purchased in 2012
• Furnace is owned but needs to be replaced
• Roof was redone in 2008
  • Seller recommends replacing the shingles
• Windows were redone in 2010
• Breaker Panel, copper wiring
• Built in 1920
• 80ft x 118ft
• R1 Zoning

Recommended Renovations

• Full Cosmetic Renovation
• Replace the furnace
• Consider adding another unit in the basement
• Consider redoing the roof
• Seller has the option to leave contents behind so we recommend budgeting for junk removal if you’re moving into the property

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $449,999 or Best Offer
• We believe that this property is worth $520,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $625,000 on the MLS
• Purchase today for $70K BELOW MARKET VALUE!!

Comparable Analysis

• 400 Hayes Street sold for $575,000 in September 2022. This comparable consists of 3+1 beds 2.5 bath and is similar in size as the subject property. The comparable sits on a smaller lot size and heating is electric baseboard. The zoning for the comparable is R2 making it more superior than the subject property. The comparable is also dated throughout. Therefore, after adjustments, we believe the subject property should sell for at least $520,000 “as-is” on the MLS

• 557 Finlayson Street sold for $560,000 in July 2022. This comparable consists of 4 beds 1 bath and sits on a slightly larger lot size. The comparable is slightly larger in size and completely dated throughout. The comparable has a detached garage but no separate entrance to the basement. Therefore, after adjustments, we believe the subject property should sell for at least $520,000 “as-is” on the MLS

• 420 Armstrong Street sold for $600,000 in September 2022. This comparable consists of 3 beds 1 bath and is slightly larger than the subject property. The comparable sits on a similar lot size and has been nicely renovated throughout. Similar to the subject property there is a separate entrance but the basement is unfinished. Therefore, after a full cosmetic renovation, and assuming the basement is finished, we believe the subject property should sell for at least $610,000 on the MLS.

• 493 Nottingham Street sold for $630,000 in September 2021. This comparable consists of 3+1 beds 3 bath and is smaller in size as the subject property. The comparable sits on a smaller lot size but does also have a separate entrance to a finished basement. The comparable has been nicely renovated throughout. Therefore, after a full cosmetic renovation, and depending on finishes, we believe the subject property should sell for at least $610,000 on the MLS.

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