Lincoln St, Hamilton, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: May 31, 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 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
Checkout SLGs latest deal located in Hamilton! This detached 2-storey house in Hamilton is in need of a quick renovation to be listed just in time for the summer market. The subject property consists of 3 bedrooms 2 bathrooms and is a total of 1190sqft. The finished basement does not have a separate entrance but has a ceiling height of just under 6ft. There are also some bugs in the home that will need to be addressed as per the seller. With a new kitchen, floors and a fresh coat of paint this property will go a long way! Purchase today and call NOW! This deal will not last!
Property Details
- Detached House
- 3 bedrooms upstairs
- 2 full bathrooms
- All appliances are included in the sale
- 1190 sqft above grade
- 595 sqft below grade
- Finished basement
- No separate entrance
- Ceiling Height about 5ft 11″
- There are bugs in the property, exterminator likely needed
- Driveway in front of the house with space for 2 small cars
- Property taxes are about $2136
- Electrical panel is breaker, copper wiring, 100amp
- Built in 1915
- Furnace and A/C are owned and older but in working condition
- HWT is owned and purchased in 2022
- Roof and Windows were redone in 2014, as per seller
- Lot size 20ft x 80ft
- C2 Zoning
Recommended Renovations
- Redo the kitchen
- Cosmetic lipstick throughout
- Remove the bugs
- 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: $374,999
- We believe that this property is worth $450,000 on the MLS
- We believe that after the above renovation recommendations are completed, this property should be worth at least $550,000 on the MLS.
- Purchase today for $75K BELOW MARKET VALUE
Comparable Analysis |
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- 58 Kinrade Avenue sold for $468,500 in March 2024. This comparable detached house consists of 3 bedrooms and only 1 bathroom. The comparable is slightly smaller (1184 sqft) than the subject property but sits on a slightly larger lot size (21ft x 90ft). The comparable is located four minutes away from the subject property. While the comparable does present itself better than the subject property it is still dated throughout and was tenanted. The comparable has laneway parking at the back making it less convenient. Therefore, after adjustments, we believe this property is worth at least $450,000 in “as-is” condition.
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- 43 Dalkeith Avenue sold for $530,000 seven days ago! This comparable detached house consists of 3 bedrooms and only 1 bathroom. The comparable is slightly smaller (1095 sqft) than the subject property but sits on a slightly larger lot size (29ft x 80ft). The comparable is located two minutes away from the subject property. While the comparable does present itself better than the subject property it is still dated in parts of the home. Therefore, after adjustments, we believe this property is worth at least $450,000 in “as-is” condition.
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- 58 Primerose Avenue sold for $580,000 13 days ago after ONLY 2 days on the market! This detached house consists of 3 bedrooms 2 bathrooms and has been completely renovated throughout. This comparable is slightly smaller in size (1120sqft) but sits on a slightly larger lot size (30ft x 90ft). The comparable is located 2 minutes away from the subject property. Therefore, after adjustments and a cosmetic renovation, we believe this property will sell for at least $550,000 on the MLS.
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