Ironwood Road, Guelph
Offer Date: FIRST COME FIRST SERVE
Closing Date: June 3, 2024
**Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Looking for your next investment property in Guelph? Look no further, SLG has the deal for YOU!
This detached home in Guelph is in some need of TLC and is perfect for investors who are looking for a fix and flip project this summer! There are 5 bedrooms – 2 of which were added in the addition above the garage completed years ago – 1 full bathroom, and 1 powder room on the main floor! With a basement ceiling height of 6.5-7ft and a bedroom already framed in the back, the potential for this home is endless. With a longer closing date, this subject property is perfect for investors looking for their next fix and flip project this summer – call NOW to secure this deal!
Property Details
- Detached house
- 5 bedrooms
- 2 bedrooms were added in 1985 in the addition above the garage
- 1.5 bathrooms
- 1 full bathroom upstairs
- 1 powder room on main floor
- All appliances are included in the sale
- Carpet throughout the home – would need to be removed
- 1683 sqft above grade
- 936 sqft below grade
- Basement is partially finished
- Ceiling height of 6.5-7ft
- Started framing for a bedroom in the back
- Furnace was put in prior to seller moving in, owned, seller unsure of age
- Located in the Primary Bedroom
- Originally electric baseboard heating
- Most do not work but some do
- A/C is owned, seller is unsure of age
- HWT is about 10 years old & is rented
- Property taxes are about $5162
- Old breaker panel as per seller
- Copper wiring as per seller, buyer to verify
- Built in 1985
- Roof was replaced in 2012
- Windows have never been replaced
- Lot size is 55ft x 121ft
- R1 Zoning
Recommended Renovations
- Full cosmetic renovation
- Consider doing some HVAC updating (i.e. removing the remaining working electric baseboard heaters)
- 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 BRRR opportunity.
- Wholesale Price: $764,999
- We believe that this property is worth $865,000 on the MLS
- We believe that after a FULL renovation is completed, this property should be worth at least $1,025,000 on the MLS.
- Purchase today for $100K BELOW MARKET VALUE
Comparable Analysis |
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- 361 Ironwood Road sold for $970,000 in January 2024. This comparable consists of 4+1 bedrooms 3 baths and is larger in size than the subject property. The comparable presents itself better than the subject property but is still dated throughout. The comparable sits on a similar lot size and unlike the subject property it does have an in law in the basement. The comparable only has a single car garage as opposed to the 1.5 garage door that the subject property has. Therefore, after adjustments, we believe this property is worth at least $865,000 in “as-is” condition.
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- 395 Ironwood Road sold for $1,007,500 in January 2024. This comparable consists of 3+1 bedrooms 4 baths and is similar in size than the subject property. The comparable presents itself better than the subject property but is still dated in parts of the home. The comparable sits on a slightly larger lot size and has a 2 car garage door. Therefore, after adjustments and a full cosmetic renovation, we believe this property will sell for at least $1,025,000 on the MLS.
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- 8 Steffler Drive sold for $1,026,000 5 days ago after only 2 days on the market!! This comparable consists of 3+1 bedrooms 3 baths and is slightly larger in size than the subject property. The comparable presents itself better than the subject property but is still dated in parts of the home. The comparable sits on a similar lot size and has a 1.5 car garage door. Therefore, after adjustments and a full cosmetic renovation, we believe this property will sell for at least $1,025,000 on the MLS.
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