Detached House in Kitchener! Available

  • $799,999
  • 4 beds
  • 3 baths
Wellington Street North, Kitchener, Ontario

Offer Date: FIRST COME FIRST SERVE
Closing Date: October 4th, 2024

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

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

About the Property
This two-story home in Kitchener boasts 3 bedrooms, 3 bathrooms, and spans over 3000 sqft. Although the property shows signs of aging, it has been well maintained. The house seems structurally sound, but there is some moisture in a basement room under the garage that needs attention. Additionally, there is mold on a garage wall, indicating a possible leak. With its historic charm and potential, this century home is perfect for a renovation project. Previously rented for $3100, this vacant property presents an opportunity for investors looking for a fix & flip project. Don’t wait too long! This deal won’t last!

Property Details

  • 2 Storey Detached House
  • Attached 2 garage door accessible from laneway
  • 3 bedrooms
  • 3 bathrooms
    • 2 full baths
    • 1 half bath
  • Century Home
  • 3161 sqft above grade
  • 2067 sqft below grade
  • Partially finished basement with a walkout
    • Ceiling Height is 6ft-7ft depending on which part of the basement you’re in
  • Property taxes are about $5297
  • Electrical panel is breaker
    • copper wiring as per seller
  • Built in 1900
  • Boiler system, owned, new one was put in 2 years ago
  • No A/C
  • HWT is a rental and is 2 years old
  • Roof was redone 10 years ago
  • Wine Cellar in the property
  • Windows are older, around 15-20 years old
  • Lot size is 58ftx117ft
  • R2B Zoning

Recommended Renovations

  • Full cosmetic renovation
  • Consider updating windows
  • Address mould in garage
  • Consider addressing moisture in basement
  • 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 or rental opportunity.

  • Wholesale Price: $799,999
  • We believe that this property is worth $875,000 on the MLS
  • We believe that after a full cosmetic renovation, this property should be worth at least $1,150,000 on the MLS.
  • Purchase today for $75K BELOW MARKET VALUE

Comparable Analysis
  • 170 Queen Street North sold for $965,500 in June 2024 after only 3 days on the market! This comparable 2 Storey Detached House consists of 4 bedrooms, 2 bathrooms, and has a 1 car detached garage. While the comparable has better curb appeal than the subject property it is completely dated throughout and is much smaller in size than the subject property (2113sqft). The comparable sits on a similar lot size (45ft x 157ft) and similar to the subject property it has a partially finished basement. Therefore, after adjustments, we believe the subject property is worth at least $875,000 in “as-is” condition.
  • 1 Stahl Avenue sold for $950,000 in May 2024! This comparable 2 Storey Detached House consists of 3 bedrooms, 3 bathrooms, and has a 1 car detached garage. This comparable has been updated throughout with modest finishes. The comparable is smaller in size (2088sqft) and sits on a smaller lot size (45ft xt 106ft). Unlike the subject property it has an unfinished basement. Therefore, after adjustments and a strategic renovation, we believe the subject property would sell for at least $1.15M on the MLS.
  • 342 Frederick St sold for $1,595,000 in July 2024! This comparable 2 Storey Detached House consists of 6 bedrooms, 5 bathrooms, and has a 3 car attached garage. This comparable has been completely renovated throughout with some areas that were done modestly. The comparable is larger in size (3742sqft) and sits on a similar lot size (53ft xt 127ft). Similar to the subject property it has a partially finished basement. Therefore, after adjustments and a strategic renovation, we believe the subject property would sell for at least $1.15M on the MLS.
Price:
$799,999
Address:
Kitchener
Lot Size:
58ft x 117ft
Bedrooms:
4
Bathrooms:
3
Terms:
Assignment of Contract
Property Type:
Home

Call 647-930-0291 for more details