Fix & Flip or Rental Opportunity in Barrie! 

$85K BELOW Market Value 

Victoria Street

Purchase this Property Today for $85K BELOW Market Value!
Closing Date: July 29th, 2022

**Due to COVID-19 restrictions sight unseen offers are preferred.**

Victoria Street, Barrie, Ontario

About the Property

This Detached 1.5 storey with exterior siding consists of 3 bedrooms, 1 bathroom and is approximately 955 sqft. There is a full unfinished basement with no separate entrance. The roof at the back of the house requires some work but the seller is unsure of the age of the roof.  The walls are plaster and the windows are about 20 years old. The furnace, water heater and A/C are all owned and purchased last year. The kitchen and bathroom were redone 10 years ago.  This property sits on a lot size that has a frontage of 50ft and depth of 120ft. There is a detached garage on the property and the door is quite old so we would recommend replacing this. This property is best suited for a beginner or experienced investor who is looking for a Fix and Flip Opportunity in Barrie!

About the Neighbourhood 

The subject property is located in the South West area of Barrie. The property’s location is what sets it apart! The Barrie Allandale GO Station is less than a 5 minute drive and the subject property is also less than a 5 minute drive to Highway 400 which connects Barrie with Toronto in about an hour. Surrounded by countless amenities including No Frills grocery store, Tim Hortons, LCBO, McDonalds, restaurants and about a 10 minute drive to Royal Victoria Hospital.

Property Features

• Detached 1.5-storey
• 3 bedrooms
• 1 bathroom
• 955 sqft above grade
• 575 sqft below grade
• Full basement, ceiling height around 8ft
• No separate entrance
• Property taxes are about $3047
• Breaker panel
• Copper and Aluminum Wiring
• Seller mentioned there may be some knob and tube
• Built in 1900
• Kitchen and bathroom were updated 10 years ago
• Windows are about 20 years old
• Furnace and HWT are all owned, purchased in 2021
• A/C is owned and puchased about 15 years ago
• The roof on the back of the home needs to be repaired
• 50ft x 120ft
• RM2 zoning

Recommended Renovations

• Cosmetic renovation
• Consider upgrading the kitchen and bath
• Consider replacing the windows
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX AND FLIP or Rental opportunity.

• Wholesale Price: $549,999 or Best Offer
• We believe that this property is worth $635,000 as-is on the MLS
• We believe that after the recommended renovations, this property should be worth at least $700,000 on the MLS.
• Purchase today for $85K BELOW MARKET VALUE

Comparable Analysis

• 105 John Street sold for $635,000 in March 2022. This detached 1.5 storey has 2 bedrooms, 1 bathroom and sits on a smaller lot size than the subject property. The comparable is smaller in size than the subject property and also has an unfinished basement. Cosmetically, it is extremely outdated and would need a full renovation, likely more than the subject property. We believe that in its current condition, the subject property would sell for at least $635,000 in “as-is” condition
• 19 Dufferin Street sold for $705,000 10 days ago. This comparable is relatively updated inside but the kitchen and bathroom are outdated. The comparable is bigger in size than the subject property and sits on a similar lot size. The comparable has an additional bathroom than the subject property and also has a kitchenette. Therefore, after adjustments, we believe that after a full renovation, the subject property would sell for at least $700,000.
• 6 Dufferin Street sold for $735,000 in January 2022. This comparable is only a 1+1 bedroom, 1 bath detached property. The comparable is smaller in size than the subject property and sits on a slightly smaller lot size. Similar to the subject property the comparable has a detached garage. The comparable has been renovated throughout and also comes with a finished basement. Therefore, after adjustments and depending on finishes, we believe the subject property would sell for at least $700,000 taking into consideration the market shift.