Detached House in Grimsby! Assigned

  • $1,524,999
Assigned
Mud Street East, Grimsby

Offer Date: FIRST COME FIRST SERVE
Closing Date: October 21st 2024

*In addition to SLGs deposit, the Assignee agrees to pay a further deposit of $10,000 by negotiable cheque to the Sellers Lawyer*

***BUYER TO COVER THE SELLERS LEGAL FEES UP TO $2000.00***

** Realtors bring us a client and add your commission on top of the purchase price**

About the Property

Looking for a project with large potential? Checkout this detached Raised Bungaloft in need of a cosmetic renovation in order to restore it to its former glory! This home boasts six bedrooms, six bathrooms, and has a footprint of 5042 sqft. The home sits on a 46 acre lot with its own private pond. The basement is a separate unit with its own direct entrance. There is also a detached workshop with an approximate footprint of 2000 sqft! Additionally, there is an attached garage with room for 3 vehicles. The roof and the windows are original from when the home was built in 2006. Additionally, the A/C and HWT are original as well. There is a leak in the furnace room however the seller is unsure of the cause. This property is great for an investor looking to end 2024 off with a large flip or for an investor looking for a great buy-and-hold opportunity.

Property Details

  • Detached Raised Bungaloft
  • 6 bedrooms
  • 6 bathrooms
  • 5042 sqft above grade
  • 3300 sqft below grade
  • Built-in 2006
  • The basement is a finished apartment
    • Has a separate entrance
    • 7ft+ ceiling height as per seller
  • Appliances included
    • Fridge, stove, washer
  • 3 car attached garage
  • Detached workshop
    • Roughly 2000 sqft
  • Breaker panel
    • Copper wiring
  • Furnace is owned
    • 10 years old
  • A/C is owned
    • Original from 2006
  • HWT is owned
    • Original from 2006
  • Roof is original from 2006
  • Windows are original from 2006
  • Lot size is 1301ft by 1389ft
    • The lot is slightly irregular at rear side
    • 46.15 Acres
  • Property taxes are approximately $13,071
  • Zoning is A (Agricultural)

Recommended Renovations

  • Full cosmetic renovation
  • Potentially fix leak in the furnace room
  • Seller has the option to leave junk behind so we recommend budgeting for junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent Fix & Flip or Buy & Hold opportunity.

  • Wholesale Price: $1,524,999
  • We believe that this property is worth $1,900,000 as-is on the MLS
  • We believe after a full renovation and depending on finishes, this property would sell for at least $2,300,000 on the MLS
  • Purchase today for $375K BELOW MARKET VALUE
Comparable Analysis
  • 72 Kemp Road East sold for $2,400,000 in March 2024. This 2-storey comparable consists of 6 bedrooms, 4 bathrooms and is smaller in size than the subject property at 4485 sqft. The comparable sits on a much larger 100-acre lot and is outdated similar to the subject property however it presents much better. The comparable has auxiliary buildings similar to the subject property but lacks a second unit. Therefore after adjustments, we believe the subject property would sell for a price of $1,900,000 on the MLS in as-is condition.
  • 3723 Mountainview Road sold for $2,100,000 in July 2024. This detached sidesplit comparable consists of 3+1 bedrooms, 3 bathrooms and is smaller in size than the subject property at 2410 sqft. The comparable sits on a smaller 6-acre lot. Unlike the subject property, the comparable has been updated throughout. Similar to the subject property the comparable has a second unit as well as a 2046 sqft workshop. Unlike the subject property the comparable has 3 less bedrooms, 2 less bathrooms, and no attached garage space however it does have a third additional building which the subject property lacks. Therefore after adjustments and a full renovation, we believe the subject property would sell for a price of $2,300,000 on the MLS.
  • 364 Thirty Road sold for $2,150,000 just 8 days ago after only 20 days on the market! This detached bungalow consists of 3 bedrooms, 3 bathrooms and is smaller in size to the subject property at 2487 sqft. The property sits on a smaller 25-acre lot. Unlike the subject property the comparable presents very well and has been updated throughout however the comparable has 3 less bedrooms, 2 less bathrooms and lacks a basement apartment and workshop. Therefore after adjustments and a full renovation, we believe the subject property would sell for a price of $2,300,000 on the MLS.
Price:
$1,524,999
Address:
Grimsby
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details