By April 14, 2022 Realtors bring your clients, just add your commission to the purchase price!
Purchase this Property Today for $50K BELOW Market Value! Closing Date: June 6, 2022
**Due to COVID-19 restrictions sight unseen offers are preferred.**
Rennie Street, Hamilton, Ontario
About the Property
This detached 1.5-storey consists of 3 bedrooms and 1 full bathroom.The roof was redone 10 years ago, but the windows have not been replaced in the last 20 years. The furnace was replaced around 10 years ago and is owned. The HWT is a rental, which was replaced around 3 years ago. The electrical panel is on breakers but does have very old wiring. The property has a crawl space which can be used for storage. Parts of the interior are currently torn apart as the seller was planning on doing some renovations. We recommend doing a full cosmetic reno in the property. Currently the property has a spiral staircase, but can be converted back to a regular straight staircase. There is a 20×28 detached garage which is insulated and can be used as a workshop. This property is great for an investor looking for a property to completely renovate and flip to maximize ARV potential.
About the Neighbourhood
The subject property is situated in the Parkview East neighbourhood of Hamilton. The property is a about a 5 minute drive to Hamilton Beach. The Hamilton GO Centre is less than a 20 minute drive and the subject property is also a 5 minute drive to the QEW Highway which connects Hamilton with other major highways like the 407 and 401. Surrounded by countless amenities including FreshCo, Metro, Shoppers Drug Mart, many restaurants and about a 15 minute drive to Hamilton General Hospital, this house is in a great location.
3 bedrooms, 1 bathrooms
827 sqft above grade
Property taxes are about $1959
Breaker panel in the house
Fuse panel in the detached garage
Built in 1951
Kitchen and bathroom will need to be fully renovated
Flooring throughout entire property will need to be replaced
Furnace is owned and was replaced 10 years ago
Windows will most likely need to be replaced, as per the seller
No central A/C, there is a window unit that was implemented into the wall of the property
HWT is rented and was replaced 3 years ago
Detached insulated garage used as a workshop
Roof was replaced 10 years ago
35ft x 115ft
Completely renovate entire property including the kitchen and bathroom
Replace the windows
Replace flooring throughout the property
Update electrical wiring
Replace the back of the roof on the detached garage
Seller has the option to leave contents behind so we recommend budgeting for junk removal
We are selling our assignable purchase contract for this excellent FIX AND FLIP opportunity.
Wholesale Price: $449,999 or Best Offer
We believe that this property is worth $500,000 as-is on the MLS
We believe that after the recommended renovations, this property should be worth at least $675,000 on the MLS.
Purchase today for $50K BELOW MARKET VALUE
2009 Brampton Street sold for $566,000 in March 2022. The comparable is a similar size to the subject property and has the same amount of bedrooms. The comparable does have one more bathroom than the subject property, and a basement instead of a crawl space. After adjustments, we believe the subject property would sell for at least $500,000 “as-is.”
695 Rennie Street sold for $805,000 in March 2022. Although the subject property does not have a basement, the comparable property does have a similar layout and is on the same street as the subject property. The comparable does not have a garage, but the subject property does have a detached one car garage. After adjustments and accounting for the lack of a basement in the subject property, we believe after the recommended renovations and complete flip, the subject property would sell for at least $675,000 on the MLS.