| King Street East, Dundas
Offer Date: FIRST COME FIRST SERVE
Closing Date: September 5th, 2024
***SELLER HAS OPTION TO EXTEND CLOSING TO OCTOBER 18th GIVEN NOTICE IS PROVIDED BY AUGUST 16th, 2024***
About the Property
This detached 1.5 storey has incredible potential but is in need of a cosmetic uplift to maximize the ARV! The property has four bedrooms one bathroom and a partially finished basement. It sits on a 40ft x 132ft lot with a detached garage that has been converted into a 1 bedroom apartment. The garage unit is approximately 484 sqft but there is nothing in the MPAC report indicating that the unit is legal. This property is located next to a proposed future condo/apartment development. This property is perfect for an investor looking to kick off fall with a great flip or an investor looking to do a strategic reno and hold it as a rental for a future sale to a builder.
About the Neighbourhood
The subject property is located in the Beasley neighborhood in Dundas just west of the King Street East and East Street North intersection. Dundas is a district of Hamilton located between Burlington and Brantford. The subject property is close to countless amenities such as Metro, Mcdonalds, Tim Hortons, Candian Tire, Circle K, restaurants, and many more. There are multiple bus stops within a 5-minute walk and downtown Hamilton is only 15 minutes away. The Hamilton GO Centre is only 17 minutes away providing easy transportation for commuters. HWY 403 is 8 minutes away providing easy access both west towards the Brantford and east towards the GTA.
Property Details
- Detached 1.5-storey house
- 4 bedrooms
- 1 bathroom
- The detached garage has been converted to a 1 bedroom apartment with a kitchen and bathroom
- Full partially finished basement
- 6.5ft ceiling height as per seller
- Drywall is up but theres no flooring and some additional finishing work is required
- no separate entrance
- Approximately 1000 sqft above grade
- As per MPAC the property is classified as a 1 storey, and not accounting for the upper floor which has 2 bedrooms. We believe the square footage once accounting for the upper level would be around 1000sqft , rather than the 753sqft that is written on the MPAC report
- 753 sqft below grade
- Roof is older
- Seller unsure of exact age
- Windows
- Seller unsure of exact age, more than 10 years old
- Water heater is owned
- Older unit. Exact age unknown, more than 10 years old
- Furnace is owned
- Older unit. Exact age unknown, more than 10 years old
- A/C is owned
- Older unit. Exact age unknown, more than 10 years old
- 2 breaker panels, copper wiring as per seller
- Property taxes are about $2037
- Built in 1949
- Lot size is 40ft x 132ft
- C5 Zoning
Recommended Renovations
- Cosmetic renovation
- Possibly legalize second unit
- Exterior upgrades and landscaping to maximize the ARV
- The Seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP or Buy & Hold opportunity.
- Wholesale Price: $454,999
- We believe that this property is worth $525,000 on the MLS
- We believe that after a FULL renovation is completed this property should be worth at least $700,000 on the MLS.
- Purchase today for $70K BELOW MARKET VALUE
Comparable Analysis |
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- 12 Hunter Street sold for $481,000 in June 2024 after only 1 day on the market! This comparable is a bungalow that consists of 3 bedrooms, 1 bath and has no garage. This property has a slightly larger footprint (1004 sqft), and has a similar lot (40ft x 100ft). Similar to the subject property the comparable is on a main street however theres no garage unit and there is one less bedroom. The comparable is dated similar to the subject property. Therefore, after adjustments, we believe the subject property is worth at least $525,000 in “as-is” condition.
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- 28 Helen Street sold for $760,000 in January 2024. This comparable is a legal duplex bungalow that consists of 5 bedrooms, 2 baths and has no garage. This property has a slightly larger footprint (1000 sqft), and has a larger lot (50ft x 148ft). Similar to the subject property the comparable dated throughout. The comparable has a brick exterior which demands a premium over stucco however the second unit is in the basement vs a stand-alone unit like the subject property. Therefore, after adjustments, we believe the subject property is worth at least $525,000 in “as-is” condition.
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- 243 Mill Street sold for $655,000 in June 2024 after only 5 days on the market! This comparable is a bungalow that consists of 3 bedrooms, 1 bath however there is no garage. This property has a larger footprint (1100 sqft), and has a larger lot (72ft x 1207ft). The comparable has had some updates done but is still not a true ARV. Unlike the subject property his comparable has no garage or “garage unit” whereas the subject property does. Therefore, after a full cosmetic renovation, we believe the subject property would sell for at least $700,000 on the MLS.
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- 27 Court Street sold for $775,000 in June 2024 after 10 days on the MLS! This Detached bungalow consists of 3+1 beds, 2 bathrooms and has an exterior shed that is insulated, heated and can easily be converted to a living space similar to the subject property. The property has been modestly renovated and is in livable, turn key condition. The basement has a separate entrance and has been converted to an in-law suite. The comparable is situated just off of a main street and is located close to gas stations and commercial buildings, and by no means is a subdivision house. We believe after a full renovation the subject property would be worth less than the comparable, at a price around $700,000.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Contracting will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcontracting.ca
View our past projects here |
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| 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
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