North Cayuga St W, Dunnville, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: May 31, 2024
*The Seller has the option to extend closing to June 21 2024 if notice is given by May 16 2024*
*Per our purchase agreement with the Seller, the Buyer agrees to provide a $10,000 deposit paid directly to the Seller. This deposit shall be paid in addition to the deposit paid to the our lawyer per the assignment agreement. The Seller’s lawyer will provide a deposit mortgage/charge in favour of the Buyer. The Seller will pay all costs associated with the registration of the deposit mortgage. The deposit mortgage shall bear no interest unless the Seller defaults under his obligations under the Purchase & Sale at which time the mortgage shall bear interest at a rate of 8%*
**Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Thinking of adding a fix & flip project in Dunnville at a low entry price? SLG has the property for you!
This detached 1 3/4 storey property has fantastic potential. The subject property has 3 bedrooms (1 on the main floor) 1 full bathroom and sits on a large 74.33 ft x 148 ft lot (1/4 acre) The property is in need of a full cosmetic renovation to bring it back to its glory. Luckily the roof and furnace have recently been upgraded saving a buyer a hefty cost as well. The property also has a detached 2 car garage (built in 2012) with immense resale value as well. This property would be perfect for any investor looking for a low entry flip with fantastic potential in the upcoming late spring/summer market!
Property Details
- Detached 1 3/4 storey house
- 2 car detached garage
- 3 bedrooms
- 1 bedroom on main floor
- 2 bedrooms upstairs
- 1 full bathroom
- Fridge included in the sale in AS IS condition
- 1258 sqft above grade
- Crawl space basement accessible from outside
- Property taxes are about $1768
- Electrical panel is breaker, copper wiring as per seller
- Built in 1907
- Furnace is owned, purchased in 2021/22
- Work needed to drywall around exposed duct work in living areas
- No A/C
- Tankless water system (Navien unit)
- Roof was redone in 2023
- Windows are dated and would likely need to be replaced
- Lot size is 74.33 ft x 148 ft
- R1A zoning
Recommended Renovations
- Full cosmetic renovation – includes levelling floor in the kitchen
- Consider adding A/C as the ducts have been installed
- 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 opportunity.
- Wholesale Price: $299,999
- We believe that this property is worth $360,000 on the MLS
- We believe that after the above renovation recommendations are completed, this property should be worth at least $500,000 on the MLS.
- Purchase today for $60K BELOW MARKET VALUE
Comparable Analysis |
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- 8401 #3 Highway sold for $401,000 in April 2024 after 10 Days on the Market! This 1173 sqft bungalow sits on a 100 ft x 210 ft lot and has a 1 car detached garage. While the property sits on a larger lot, the sqft is similar between the properties along with the general cosmetic condition. The comparable was marketed and sold as a fixer upper meaning a large capital investment would be needed to bring it back to its glory, similar to the subject property. We believe that after the lot adjustments, the subject property would sell for a price around $360,000 on the MLS in AS IS condition.
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- 415 Helena Street sold for $527,500 in March 2024 after only 9 days on the market! This 3 bed, 2 bathroom property is a 1.5 storey that sits on a 53ft x 185ft lot. The comparable does have a 1 car detached garage/workshop at the rear end of the property, adding considerable value to end users! Luckily, the subject property also has a 576 sqft garage that will entice all end users. The comparable has undergone some renovations as well and presents itself much better than the subject property, which needs a full reno. We believe, after cosmetic upgrades the subject property would sell for a price around $500,000.
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- 318 George Street sold for $520,000 11 days ago in April 2024. This 3 bed 1 bath detached 1 1/2 storey has a 2 car detached garage and sits around 1400 sqft. The property sits on a 33ft x 132ft lot thus is a much smaller lot than the subject property. Although the property is not a complete ARV, it has been upgraded and is very well maintained. The property is situated in a slightly better neighbourhood as well thus adding to the overall appeal of the property. Therefore, after a full renovation we believe the subject property would sell for a price around $500,000 after a full renovation.
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