Detached House in Hamilton! Assigned

  • $599,999
  • 3 beds
  • 3 baths
  • 1624 sqft
Assigned

Detached House in Hamilton!

Fix and Flip or Rental Opportunity

$70K BELOW Market Value!

Glennie Avenue
Glennie Avenue, Hamilton, Ontario 

Offer Date: FIRST COME FIRST SERVE
Closing Date: November 3rd, 2023

The Buyer acknowledges there is a current lease on the property and they have the option to retain the current lease on the property at $2500/month (not including utilities) or have the property vacant on closing. The Buyer must notify the Seller whether they want the property vacant within 3 days of waiving all conditions noted in the Schedule A. a. if the Buyer is to assume the lease above, the Seller will provide the tenant acknowledgement upon closing, and direction to the tenants to pay rent due on or after the closing date to the Buyer.

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

About the Property

Looking for your next fix and flip or rental property in Hamilton? Checkout this detached 2 storey house that consists of 3 bedrooms, 3 bathrooms and is a total of 2388 sqft. This property is in need of a cosmetic renovation and the seller is willing to issue an N11 or you can inherit the tenant that is currently paying $2500. The basement is unfinished and there is no separate entrance. This structurally sound property is perfect for an investor looking for a fix and flip or rental for their portfolio!

About the Neighbourhood 

This property is located in the Normanhurst area of Hamilton. Hamilton is very popular for investors looking for rental properties as local employment and accessible transit makes it one of Ontario’s big metro areas! The Hamilton GO Centre is located about 15 minutes away from the subject property with trains extending east to Toronto and west to Niagara. Hamilton is also very accessible by bus, as the HSR is consistently a reliable option for locals. Also, Hamilton is very easy to travel to and from, with the QEW and Highway 403 connecting it to all other major Southern Ontario cities.

Property Details

  • 2 Storey Detached House
  • 3 bedrooms
  • 3 bathrooms
    • 2 full bathrooms
    • 1 half bathroom
  • 1624 sqft above grade
  • 764 sqft below grade
  • Built in 2003
  • Breaker panel, copper wiring
  • Basement unfinished
    • Ceiling height approximately 8-9ft
    • No separate entrance
  • Furnace is new and less than 5 years old
  • Tankless HWT is a rental, seller unsure of age
  • A/C is owned, seller unsure of age
  • Appliances are included in the sale
  • Roof redone about 5-10 years
    • Solar panels are owned
  • Windows original but in good condition
  • Property taxes are $4445
  • Lot size is 32ft x 106ft
  • Zoning R1

Recommended Renovations

  • Cosmetic renovation
  • Consider finishing the basement
  • Clean up driveway and some landscaping
  • The seller has the option to leave junk behind so we would recommend budgeting for junk removal
Pictures and More
The Numbers

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

  • Wholesale Price: $599,999
  • We believe that this property is worth $670,000 as-is on the MLS
  • We believe that after a full cosmetic renovation this property should be worth at least $770,000 on the MLS.
  • Purchase today for $70K BELOW MARKET VALUE

Comparable Analysis
  • 136 Taylor Avenue sold for $640,000 in August 2023 after 9 DOM! This 3 bed, 2 bath comparable is completely dated and would benefit from a cosmetic renovation to bring it up to its full value. As per the listing, the property is approximately 1094 sqft, which is much smaller than the subject property. The comparable sits on a similar lot size but comes with no garage. Therefore, after adjustments, we believe in its current condition the subject property is worth $670,000 on the MLS.
  • 39 Walter Avenue South sold for $749,000 in August 2023. This comparable is a 3+2 bed, 3 bath 1.5 Storey house and is approximately 1453 sqft, which is about 200sqft smaller than the subject property. The comparable has been renovated throughout and comes with a finished basement where the seller added a 2 bedroom apartment. The comparbable sits on a similar size lot size but does not have a garage. After adjustments, we believe the subject property would sell for a price around $770,000 on the MLS after a renovation and assuming the basement is finished.
  • 324 Brunswick Street sold for $770,000 14 days ago! This comparable is a 3 bed, 4 bath 2 Storey house and is approximately 1600 sqft. The comparable is dated in most parts of the home but has had some renovations done. The comparable sits on a similar lot size and comes with an attached garage. The basement is fully finished and the house is aluminum siding as opposed to stucco like the subject property.  After adjustments, we believe the subject property would sell for a price around $770,000 on the MLS after a renovation and assuming the basement is finished.
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Need Financing?
Looking for a construction cost estimate?

SLG Renovations will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgrenovations.ca
View our past projects here
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

 
Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence.
Price:
$599,999
Address:
Hamilton, ON
Square Feet:
1624
Lot Size:
32ft x 106ft
Bedrooms:
3
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Home
Year Built:
2003

Call 647-930-0291 for more details