Detached House Fix and Flip Georgina! Assigned

  • $254,999
  • 2 beds
  • 1 baths
  • 560 sqft
Assigned

NEW PRICE!
Detached House Fix and Flip Georgina!

Fix & Flip or BRRR Opportunity

$145K BELOW Market Value!

Johnston Street
Johnston Street, Georgina, Ontario

Offer Date: October 7th, 2022
Closing Date: November 1st, 2022

About the Property

Checkout this cute detached house in need of some creativity to bring it back to life! This property consists of 2 bedrooms, 1 full bathroom and is approximately  560 total squarefeet. The MPAC report states a 1 bedroom but the seller added an additional bedroom. There is currently no hydro in the home due to it being vacant. The foundation is brick and stone which has shifted. The property likely needs to be raised and new cement/poured concrete needs to be laid. The windows are all old wood style but the roof was redone in 2015! The plumbing is fine throughout the home except for in the utility room where the connection to the washer dryer leaks. This property is perfect for an experienced investor looking for a fall fix and flip or BRRR project! No property has sold in Georgina for under 300K in over a year! Pick this one up before it’s too late!

About the Neighbourhood 

The subject property is situated in a charming and quiet neighbourhood in Georgina. Enjoy the tranquility and peacefulness this town has to offer while still being only an hour away from the big city, Toronto. Georgina has all its basic amenities such as a grocery store, gas stations, restaurants and is just a short drive to Riverview Beach. Georgina is situated north east of Toronto and west of Barrie.  The subject property is situated near trails and beaches making it an ideal spot for a cottage rental or an end user looking to move into a more rural area.

Property Details

  • Detached Bungalow
  • 2 bedrooms
  • 1 bathrooms
  • 560 total sqft
  • No basement
  • Unpaved driveway
  • Property taxes are about $2020
  • HWT is propane powered and purchased in 2001
  • No A/C
  • Electric baseboard heating
  • Roof was replaced in 2015
  • Windows are original and should be replaced
  • Foundation has shifted and requires attention
  • Breaker Panel
  • On Septic System
  • Built in 1956
  • 80ft x 200ft
  • R1 Zoning

Recommended Renovations

  • Full cosmetic update
  • Consider adding A/C
  • Consider updating the windows and HWT
  • Fix the foundation and the plumbing in the utility room
  • 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: $254,999 or Best Offer
  • We believe that this property is worth $400,000 as-is on the MLS
  • We believe that after a small cosmetic renovation this property should be worth at least $550,000 on the MLS
  • Purchase today for $145K BELOW MARKET VALUE!!

Comparable Analysis
94 Sunkist Road sold for $400,000 in September 2022. This comparable consists of 2 bedrooms 1 bathroom and was advertised as a tear down property. There are no photos of the inside for the comparable but it does have a crawl space. Therefore, after adjustments, we believe the subject property would sell for at least $400,000 “as-is” on the MLS.
38 Pineview Court sold for $690,000 in May 2022. This comparable consists of 2+2 beds and 2 baths with no garage. The comparable does have a walkout basement and is bigger in size. The property has been renovated in some parts of the house but is outdated in others. We believe after adjustments and a full cosmetic renovation (including updating windows and fixing foundation), the subject property should sell for at least $550,000 on the MLS.
19 Johnston Street sold for $730,000 in July of 2022. This comparable consists of 3 bed 2 bath and is bigger than the subject property. The comparable has had some updates throughout but is dated in some areas. There may have been an addition added whicih is a possibility with the subject property. We believe after adjustments and a full cosmetic renovation (including updating windows and fixing foundation), the subject property should sell for at least $550,000 on the MLS.
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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

 
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.
Price:
$254,999
Address:
Georgina
Square Feet:
560
Lot Size:
80ft x 200ft
Bedrooms:
2
Bathrooms:
1
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
1956

Call 647-930-0291 for more details